Economic Report: Jobless claims rise to highest level since August

by | Oct 13, 2022 | Stock Market

The numbers: Initial jobless claims rose 9,000 to 228,000 in the week ended October 8, the Labor Department said Thursday.   Economists surveyed by the Wall Street Journal has forecast an increase to 225,000. Claims have increased in three of the last four weeks. This is the highest level of claims since late August.

Key details: The number of people already collecting jobless benefits rose by 3,000 to 1.368 million. Big picture: The labor market has been strong and there are reports that firms are “hoarding” workers even as the economy slows But there have been scattered reports this week that big firms like Intel
are planning to lay off workers. Market reaction: Stocks

were set to open sharply lower on Thursday on the back of a surprisingly strong gain in core consumer prices. The yield on the 10-year Treasury note
jumped close to 4% after the inflation data.

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