Jobless claims increased by 9,000 last week to 244,000, the highest level in nearly eight months, a sign that the labor market is starting to take a hit as the economy slows.
The weekly number of new applications for unemployment benefits is considered a forward-looking economic indicator because it is released every week, meaning it is much more of a real-time gauge of labor market health than the more comprehensive monthly jobs report. Rising jobless claims indicate that layoffs are trending up.
