U.S. WEEKLY JOBLESS CLAIMS UNEXPECTEDLY SURGE, ADDING 29,000 NEW CLAIMS FOR LAST WEEK

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

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. InFlorida, claims dropped 1,409. Claims typically fall during a disaster period before rebounding.

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

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

Job cuts, which were led by retailers, were up 67.6% from a year ago. But layoffs so far this year are down 21% compared with the first 9 months of 2021.

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

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

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

Breitbart News has reported it may be the most hotly anticipated jobs report in recent memory.

We appreciate our friends at Patriot Alerts for content in this article.

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