Initial Jobless Claims in US Increase by Most Since Early May

Initial applications for US unemployment benefits rose last week by the most since early May and continuing claims jumped, adding to evidence of a softening labor market.

Initial claims increased by 20,000 to 243,000 in the week ended July 13, matching the highest level since August 2023, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 229,000 applications.

The increase also reflected the impact of Hurricane Beryl as claims in Texas jumped by more than 11,500 during the week, the largest advance since March 2021 on an unadjusted basis.

Continuing claims ...