By Christian RoblesWorker filings for unemployment benefits rose last week, a sign that the strong labor market is gradually cooling. Initial claims, a proxy for layoffs, increased to a seasonally adjusted 248,000 in the week ended Aug. 5, the Labor Department said Thursday. Claims filings averaged about 220,000 in 2019 when the labor market also was solid. The four-week moving average of weekly claims, which smooths out the volatility in the weekly figures, rose to 231,000. U.S. employers added 187,000 jobs in July and the unemployment rate declined to 3.5%.

Source: Wall Street Journal August 10, 2023 12:59 UTC