U.S. Weekly Jobless Claims Highest In More Than Eight Months

The number of Americans filing new claims for unemployment benefits rose last week to the highest level in more than eight months, offering more evidence that the labor market was steadily cooling, Lucia Mutikani reported for Reuters.

Claims for unemployment benefits broke above the 194,000-225,000 range, which had prevailed since the start of the year.

The weekly jobless claims report from the Labor Department on Thursday, the latest data on the economy's health, followed news last week that the economy added the fewest jobs in six months in April, while job openings dropped to a three-year low in March.

Initial claims for state unemployment benefits increased by 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the highest level since the

end of last August.

The increase was the largest in nearly four months.

Economists polled by Reuters had forecasted 215,000 claims in the latest week. Claims broke above the 194,000-225,000 range, which had prevailed since the start of the year.

Some of the rise last week was likely related to seasonal issues following the recently ended school spring breaks. Ebbing labor market momentum has put two interest rate cuts from the Federal Reserve this year back on the table.