US Unemployment Claims Rise Higher Than Expected According to the Department of Labor
US Jobless Claims Increased
According to the U.S. Department of Labor, jobless claims have increased by 6,000 to 225,000 for the week ending September 28, surpassing the 221,000 predictions from analysts. This rise is notable, marking a 9,000 increase from the 216,000 claims observed last year.
September Trends in Jobless Claims
The four-week moving average for jobless claims stands at 224,250, with fluctuations observed throughout September. Meanwhile, the number of Americans collecting jobless benefits dipped to approximately 1.83 million for the week ending September 21, down by 1,000 claims.
Impact of Interest Rates on Employment
This rise in claims, alongside other labor market indicators, suggests that rising interest rates may be affecting the job market. Over the past two years, the Federal Reserve has initiated rate hikes to combat inflation, recently cutting them down for the first time in four years.
Hiring Trends for the Holiday Season
Despite the increase in claims, several major retailers, including Amazon and Target, plan to boost hiring for the holiday season. Amazon intends to recruit 250,000 workers, while Target aims for 100,000 seasonal employees this year.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.