Overview

• Initial claims rose by 11,000 to 235,000 for the week ended August 16, the largest weekly increase since late May and above the 225,000 forecast.
• Continuing claims climbed by 30,000 to 1.972 million for the week ending August 9, the highest level since November 2021.
• Hiring remains subdued, with employment gains averaging about 35,000 jobs per month over the past three months.
• Analysts say elevated continuing claims match rising consumer views that jobs are hard to find and are consistent with the unemployment rate edging up to 4.3% in August from 4.2% in July.
• Businesses report caution on staffing as higher import duties under President Donald Trump's trade policy coincide with domestic demand growth at its weakest since late 2022.