The number of Americans seeking unemployment benefits jumped last week more than it had in five months.
Applications for jobless claims rose by 21,000 in the week ending March 4, according to statistics released Thursday by the U.S. Labor Department. The climb to 211,000 such claims was not only the biggest gain in five months, but also marked the first time in eight weeks that total had climbed over 200,000.
Statistics showed the four-week moving average of claims also rose, climbing by 4,000 to 197,000, but remaining below the 200,000 threshold for the seventh straight week.
All of that movement comes after the Fed raised its main lending rate by 25 basis points last month. It was the eighth straight rate hike in its year-long battle against stubborn inflation, and Fed Chair Jerome Powell has indicated such hikes will continue, with some analysts forecasting three or more increases that would push the lower end of the rate to 5.5%.
The Associated Press reported that Fed policymakers have forecast the unemployment rate would rise to 4.6% by the end of this year.
About 1.72 million people were receiving jobless aid the week that ended Feb. 25, an increase of 69,000 from the week before, according to the Labor Department statistics.
