First-time filings for unemployment benefits jumped last week, hitting the highest level in a month, the Labor Department reported Thursday. Initial claims for the week ended Sept. 18 on a seasonally adjusted basis totaled 351,000, an increase from the previous week's upwardly revised 335,000 and well ahead of the 320,000 Dow Jones estimate. The total was the highest since the week of Aug. 21.
Markets reacted little to the news, with stock market futures pointing to a strong opening while safe-haven government bonds saw yields rise, an indication that investors were selling fixed income as yields move opposite price. The latest claims figures show that while the jobs market has come a long way since the early days of the pandemic, there's still work to be done before it's healed. Continuing claims data, which runs a week behind, also increased, rising 181,000 to total more than 2.84 million.