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The number of Americans filing for unemployment benefits ticked higher last week, hitting the highest level in three months – a sign that the historically tight labor market may be starting to cool off.

Figures released Wednesday by the Labor Department show that applications for the week ended Nov. 19 rose to 240,000 from the upwardly revised 223,000 recorded a week earlier. That is above the 2019 pre-pandemic average of 218,000 claims and marks the highest level since mid-August.

"Initial claims jumped higher than estimates in the latest week, but that’s not surprising given the high-profile layoffs of thousands of workers from big companies, especially tech firms," said Robert Frick, corporate economist at Navy Federal Credit Union. "The jobs market remains tight and one week doesn’t make a trend, so this is more likely a blip than a sign of labor market cooling."

https://www.foxbusiness.com/economy/jobl...vel-august