The number of Americans who applied for unemployment benefits in early May jumped for a third week in a row to 294,000, hitting a 14-month high and adding to evidence that the U.S. labor market may have weakened.
The last time weekly claims were that high: Feb 28, 2015.
Economists polled by MarketWatch had expected claims to fall to 270,000 in the period stretching from May 1 to May 7. Initial claims totaled 274,000 in the prior week.
The average of new claims over the past four weeks, a less volatile measure, also shot up by 10,250 to 268,250, the Labor Department said Thursday. Figures are seasonally adjusted.
Just a month earlier, initial jobless claims had fallen to a 43-year low. But with corporate profits falling, exports down, the U.S. presidential election taking unexpected twists and the global economy still hurting, companies may have pulled the reigns on hiring.
In April, the U.S. created just 160,000 new jobs to mark the smallest gain since last fall, the government reported Friday. Other labor market indicators also point to a slowdown in hiring.
