US weekly unemployment claims hit highest level since August ’23

US seasonally adjusted initial unemployment claims rose to 258,000 for the week ending October 5, an increase of 33,000 from the previous week’s 225,000, marking the highest level since August 5, 2023. The four-week moving average also increased, reaching 231,000, up by 6,750 from the prior week’s average of 224,250, according to data released by the US Department of Labour on Thursday.

The seasonally adjusted insured unemployment rate remained steady at 1.2 per cent for the week ending September 28, while the number of insured unemployment claims rose to 1,861,000, up 42,000 from the revised figure of 1,819,000. The four-week moving average for insured claims also saw a slight increase to 1,832,000.

In unadjusted terms, initial claims totaled 234,780 for the week ending October 5, reflecting a 29.6 per cent rise from the prior week, which surpassed the expected 13.1 per cent increase. A year ago, there were 199,743 initial claims in the same week. The unadjusted insured unemployment rate remained at 1.1 per cent, with 1,616,930 claims reported.

Notably, the highest insured unemployment rates for the week ending September 21 were observed in New Jersey (2.2 per cent), California (2.0 per cent), and Puerto Rico (1.9 per cent). The largest increases in claims were seen in Michigan and Washington, while Georgia and Florida experienced the most significant decreases.

Attribution: The US Labour Department

Subediting: Y.Yasser