The number of Americans filing for unemployment benefits inched up a little last week, although they remain historically low.
The Labor Department reported that jobless claims rose to 230,000 for the week of Sept. 7, an increase of 2,000 over the previous week.
The four-week average of claims, which smooths out some of week-to-week volatility, to 230,750, a rise of just 500.
The total number of Americans collecting jobless benefits rose by a modest 5,000, remaining in the neighborhood of 1.85 million for the week of Aug. 31.
During the first four months of 2024, claims averaged 213,000 a week, though they started rising in May, the Associated Press reported, reaching 250,000 in late July.
Employers added a modest 142,000 jobs in August, up from a paltry 89,000 in July, but well below the January-June monthly average of nearly 218,000, according to the AP report.
Last month, the Labor Department reported that the U.S. economy added 818,000 fewer jobs from April 2023 through March this year than were originally reported. The revised total supports evidence that the job market has been slowing steadily and reinforces the Fed’s plan to start cutting interest rates later this month.
The Fed, in an attempt to stifle inflation that hit a four-decade high just over two years ago, raised its benchmark interest rate 11 times in 2022 and 2023. That pushed it to a 23-year high, where it has stayed for more than a year.
