US weekly jobless claims highest in more than eight months

The number of Americans filing new claims for unemployment benefits rose last week to the highest level in more than eight months, further evidence that the labor market was cooling.

The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy’s health, followed news last week that the economy added the fewest jobs in six months in April, while job openings dropped to a three-year low in March.

Ebbing labor market momentum has put two interest rate cuts from the Federal Reserve this year back on the table.

“The labor market shows some signs of rebalancing with fewer job openings posted around the country, and now company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” said Christopher Rupkey, chief economist at FWDBONDS.


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