U.S. jobless claims rise to seven month high as labor market slows

Thursday, the U.S. Labor Department said that weekly jobless claims rose by 22,000 to 264,000, up from the previous week's revised estimate of 229,000 claims.

The latest labor market data was significantly weaker than expectations. According to consensus forecasts, economists were expecting to see jobless claims rise to 245,000. The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – rose to 245,250, an increase of 6,000 claims from the previous week's revised average.

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