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New U.S. Weekly Jobless Claims in Unexpected Surge

The number of Americans submitting new claims for jobless benefits increased more than expected last week, jumping 29,000 to a seasonally adjusted 219,000 for the week ended October 1, the Department of Labor said Thursday.

The rise in fresh unemployment filings was the highest in four months.

Economists polled by the Reuters news agency had forecast 203,000 applications for the latest week, coming as officials at the U.S. central bank continue efforts to tame the worst inflation in four decades.

Massachusetts reported an increase of 2,206 in filings, while 3,749 more applications were filed in Missouri. In Florida, claims dropped 1,409. Claims typically fall during a disaster period before rebounding.

The increase in unemployment claims is usually seen as a barometer of a worsening economy.

A separate report Thursday from global outplacement firm Challenger, Gray & Christmas showed U.S.-based employers announced 29,989 job cuts in September, a 46.4 percent jump from August.

Job cuts, which were led by retailers, were up 67.6 percent from a year ago. But layoffs so far this year are down 21 percent compared with the first nine months of 2021.

Employers also announced plans to hire 380,014 workers last month, the smallest September total since 2011.

The number of people already collecting unemployment benefits rose by 15,000 to 1.36 million, according to MarketWatch, as other factors such as record inflation and rising interest rates spark fears of a looming recession in the world’s largest economy.

Meanwhile, the Department of Labor will issue its report on September payrolls, unemployment, and wages on Friday.

It may be the most hotly anticipated jobs report in recent memory, as Breitbart News reported.


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