The numbers: The number of people who applied for unemployment benefits last week jumped by 29,000 to a five-week high of 219,000, possibly a sign of rising layoffs as the U.S. economy slows and businesses scale back employment.
Economists polled by the Wall Street Journal had forecast new claims to total 203,000 in the seven days ended Oct. 1. The figures are seasonally adjusted. Big picture: The economy is slowing as the Federal Reserve jacks up interest rates to try to extinguish the highest inflation in 40 years. The Fed predicts the jobless rate will climb to 4.4% by the end of 2023 from the current level of 3.7%. The government will release the latest unemployment rate in Friday’s September employment report.
The number of people already collecting unemployment benefits, meanwhile, rose by 15,000 to 1.36 million. They remain near a 50-year low, however.
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