Jobless claims increased for the first time in four weeks, according to the latest data from the Department of Labor.
- Seasonally adjusted initial claims reached 225,000 for the week ending September 28th, up 6,000 from the previous week’s revised level and the highest level in the last three weeks. This rise was slightly higher than economists’ expectations of 220,000.
- Four-Week Average: Despite the uptick, the four-week moving average continued its downward trend, falling by 750 to 224,250—the lowest level since early June. This marks the seventh drop in the last eight weeks, reflecting ongoing strength in the labor market.
Continuing claims also fell, reaching 1.826 million for the week ending September 21st, down by 1,000 from the previous week. This number holds steady around the lowest levels seen since June.
NC: On a state level, North Carolina saw an increase in initial claims, which rose to 3,263 for the week ending September 27th. This was an increase of 236 claims from the previous week, marking the highest level since early August.
Bottom line: The labor market appears to be stabilizing after a sluggish August, but the current levels of jobless claims remain slightly higher than earlier in the year. The rise in jobless claims signals a cooling labor market, but the pace remains manageable, offering a potential soft landing for the economy as it works to curb inflation.
