• The number of Americans filing for unemployment benefits came in higher than expected last week, an early sign the labor market is beginning to soften in the face of higher borrowing costs.
• Figures released Thursday by the Labor Department show initial claims for the week ended April 1 hit 228,000, above the 2019 pre-pandemic average of 218,000 claims. That is slightly below the level recorded the previous week, which was revised sharply higher to 246,000, the steepest level since January 2022.

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