US Jobless Claims Jump to 211,000, Led by New York, California

Applications for US unemployment benefits last week rose to the highest since December, driven by spikes in California and New York and suggesting some softening in what’s still a tight labor market.

Initial unemployment claims increased by 21,000 to 211,000 in the week ended March 4, Labor Department data showed Thursday. Continuing claims, which include people who have received unemployment benefits for a week or more, rose by the most since November 2021.

Stocks advanced and Treasury yields declined as traders slightly pared back bets on a half-point interest-rate increase at the Federal Reserve’s next meeting. The central bank ...