U.S. Initial Jobless Claims Rise Slightly, Signaling Continued Low Layoffs Despite Softening Labor Market

According to Mars Finance, initial jobless claims in the U.S. rose slightly last week, indicating that layoffs remain low even as the labor market cools. The U.S. Department of Labor reported Thursday that initial claims for unemployment benefits increased by 20,000 to 230,000 for the week ending September 7. However, the survey period for last week's data included the Labor Day holiday. Initial jobless claims often fluctuate around public holidays.

Additionally, continuing claims for unemployment benefits, which measure the number of people who have been receiving benefits for at least two weeks, rose by 5,000 to 1.85 million for the week ending August 31. Continuing claims had been trending downwards in August after surging in July to their highest levels since late 2021. This decline is consistent with the decline in the unemployment rate last month.