The jobless claims four-week moving average, a measure which smooths out some of the volatility in the series, ticked up to 249,250. It’s risen in 15 of the last 16 weeks.
On an unadjusted basis, initial claims decreased to 216,500 last week, the first drop since May. Some states that posted outsize gains in recent weeks, like Massachusetts, New York and South Carolina, reversed some of those increases last week.
A separate report Thursday showed that the U.S. economy shrank for a second straight quarter, raising chances of a recession, as decades-high inflation undercut consumer spending and the Fed’s interest-rate hikes stymied business investment and housing demand.
-With assistance from Jordan Yadoo and Ana Monteiro.
This article was provided by Bloomberg News.