Weekly jobless claims jump to 242,000, more than expected, in latest sign of economic softening
Initial filings for unemployment benefits hit their highest level of the year last week in another potential sign of weakness in the labor market.
Initial filings for unemployment benefits hit their highest level of the year last week in another potential sign of weakness in the labor market.
Jobless claims for the week ending Feb. 22 totaled a seasonally adjusted 242,000, up 22,000 from the previous week’s revised level and higher than the Dow Jones estimate for 225,000, according to a Labor Department report Thursday.
The level of claims matched the highest since early October 2024 and comes amid questions over broader economic growth and worrying signs in recent consumer sentiment surveys.
President Donald Trump has been taking aggressive measures to reduce the federal workforce through Elon Musk’s Department of Government Efficiency advisory board. The efforts so far have resulted in tens of thousands of jobs cuts and are expected to continue.
In Washington, D.C., new claims totaled 2,047, an increase of 421, or 26%, according to numbers not adjusted for seasonal factors. That is the largest number for the city since March 25, 2023, according to Labor Department records, and is consistent with a surge that began in early January.
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