Initial jobless claims rose slightly last week, in line with expectations, as 230,000 seasonally adjusted claims were filed for the week ending September 7. This marked an increase of 2,000 from the prior week, breaking a three-week streak of declines.
- The 4-week moving average, considered a more stable indicator, also rose for the first time in five weeks to 230,750.
- In North Carolina, jobless claims rose to 3,115 for the week ending September 6, a slight increase of 36 from the prior week, though still the second lowest level in the past seven weeks.
Why it matters: The uptick in jobless claims suggests a modest cooling in the labor market, but the overall numbers remain historically low, indicating resilience in the face of broader economic uncertainty. While continuing claims also edged higher, the increase was modest, and overall unemployment figures remain consistent with a stable labor market.
Continuing claims, which reflect the number of people receiving unemployment benefits for longer periods, rose by 5,000 to 1.85 million for the week ending August 31. This marks the second increase in the last five weeks, but the number remains within a stable range.
What’s next: Labor market data will continue to be closely watched for any sign of weakening in the labor market ahead of future Fed meetings. For now, the increase in claims remains within normal fluctuations, indicating that the labor market, while slowing slightly, is not signaling any major downturn.
