U.S. jobless claims climb to 230,000 in sign labor market may be slowly cooling off

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New unemployment filings increased by 4,000 from the prior week, the government said. The data point to a slow but steady increase in layoffs as the U.S. economy weakens.

The numbers: The number of Americans who applied for unemployment benefits in early December rose slightly to 230,000, pointing to what could be seen as a slow erosion in the labor market as the U.S. economy weakens.Economists polled by the Wall Street Journal had forecast new claims to total 230,000 in the seven days ending Dec 3. The figures are seasonally adjusted.

The number of people already collecting unemployment benefits, meanwhile, rose by 62,000 to 1.67 million. That’s the highest reading since February. New jobless claims before seasonal adjustments, for example, have registered 286,463; 199,323; and 249,069 in the past three weeks sandwiched around Thanksgiving Day.Big picture: The strongest U.S. labor market in decades has become a double-edged sword.

 

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Yet every business I see has “now hiring” signs posted. There are still many jobs available.

Just the beginning.

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