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By Geoffrey Smith
Investing.com — The number of people making initial claims for unemployment benefits rose by more than expected to a three-month high, adding to increasingly clear signs that the labor market is cooling in response to the ‘s sequence of big hikes in interest rates.
The Bureau of Labor Statistics said rose to 240,000 last week from 223,000 the previous week. That’s the highest number since August when the numbers were distorted by maintenance schedules at the auto industry. The rolling for initial claims, which smooths out some of the series’ volatility, rose to 226,750, the highest since September.
also rose by 48,000, more than expected, to 1.551 million, their highest since February, an indication that it’s getting harder for the laid-off to find new jobs immediately.
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