Overview

• Initial applications for unemployment benefits rose by 27,000 to 263,000 in the week ended Sept. 6, the highest weekly total since October 2021 and above forecasts.
• The four-week moving average climbed to about 240,500, signaling a broader uptick beyond one week’s data.
• Continuing claims were essentially unchanged near 1.94 million for the week ended Aug. 30, indicating layoffs remain contained relative to hiring softness.
• A preliminary BLS revision cut 911,000 jobs from the year through March, and August payrolls increased by just 22,000, underscoring a weaker hiring backdrop.
• Economists caution that holiday timing around Labor Day and a large unadjusted spike in Texas filings likely inflated the latest weekly figure.