Uh-Oh: Unexpected U-Turn In Economy Pushes Jobless Claims Up

  • First-time jobless claims rose sharply last week in a potential sign that the labor market is softening up after more than a year of interest rate hikes.
  • Initial filings for unemployment benefits totaled a seasonally adjusted 261,000 for the week ended June 3, an increase of 28,000 from the upwardly revised level of the previous period, the Labor Department reported Thursday.
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