The number of Americans filing for <a href="https://www.foxbusiness.com/category/jobs" target="_blank">unemployment benefits</a> last week surged to the highest level since 2021, evidence the historically tight labor market is softening in the face of rising interest rates.

<a href="https://www.dol.gov/newsroom/releases/eta/eta20230309" target="_blank">Figures released </a><a href="https://dol.gov/ui/data.pdf" target="_blank">Thursday </a>by the Labor Department show initial claims for the week ended June 3 surged by 28,000 to 261,000, well above the 2019 pre-pandemic average of 218,000 claims. It marks the steepest level for jobless claims since October 2021.&nbsp;

Continuing claims, filed by Americans who are consecutively receiving unemployment benefits, fell slightly to 1.76 million for the week ended May 27, a decrease of 37,000 from the previous week.&nbsp;

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Applications for unemployment benefits last week climbed to the highest level since October 2021, the latest evidence the labor market is slowing down.{ai:summary}The US labor market is weakening as unemployment claims hit a new high in June, with many Americans having filed for benefits. Initial claims rose by 28,000 to a total of 261,000, marking the steepest level of new jobless claims since October 2021. Continuing claims, however, decreased slightly to 1.76 million in the week ending May 27. #economy

Jobless claims jump more than expected to highest level since 2021

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