U.S. jobless claims hit 10-week high of 211,000

(Updated - March 9, 2023 9:02 AM EST)

By Geoffrey Smith

Investing.com -- The number of people claiming unemployment benefits for the first time rose to a 10-week high last week, a sign that the labor market may be losing its ability to defy gravity.

The Labor Department said initial jobless claims rose to 211,000 last week, from 190,000 the week before. Analysts had expected only a small uptick to 195,000.

The less volatile four-week average, arguably a better indicator of the trend, also rose to a six-week high of 197,000

At the same time, continuing jobless claims also surprised to the upside, rising to 1.718 million and matching a 14-month high.

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