Jobless claims climb to 245,000, signaling slight cooling in hot labor market

The numbers: The number of Americans who applied for unemployment benefits last week rose by 5,000 to 245,000, pointing to a small erosion in the robust U.S. labor market.

New jobless claims are still very low, but they have risen from fewer than 200,000 in January in a sign the labor market has cooled slightly as higher interest rates dampen U.S. growth. The gradual increase in these so-called continuing claims suggests it’s taking longer for people who lose their jobs to find new ones.

The Federal Reserve wants the labor market to cool even further to temper a sharp increase in wages and help combat high inflation. A series of interest-rate increases by the central bank has slowed the economy and eventually should curb the appetite for workers.

Who didn’t see this coming and it’s only starting

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Jobless claims climb to 245,000 and signal slight cooling in hot labor marketThe number of Americans who applied for unemployment benefits last week rose by 5,000 to 245,000 and pointed to a small but steady increase in layoffs. No sh$t
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