The data from the Labor Department revealed on Thursday the number of applications
for unemployment jumped more than expected last week.
According to the report, the initial claims for unemployment benefits climbed
by 21,000 to 211,000 for the week ended March 4. That was the highest weekly
total since the week ended December 24, 2022 (223,000).
Economists had predicted 195,000 new claims last week.
Claims for the prior week were left unrevised at 190,000.
Meanwhile, the four-week moving average of jobless claims increased to 197,000
from an unrevised 193,000 in the previous week. That marked the
highest count in six weeks.
As for continuing claims, they rose to 1,718,000 from a downwardly
revised 1,649,000 (from 1,655,000) in the previous week. That
represented the lowest reading in since the week ended December 17, 2022 (1,718,000).