Initial jobless claims in the U.S. rise to 260,000

Initial jobless claims rose by 6,000 to 260,000 last week, according to the Bureau of Labor Statistics.

The number of initial jobless claims exceeded 215,000, the weekly average for the pre-COVID-19 pandemic period in the U.S.

The 4-week average of the number of Americans filing for unemployment benefits for the first time is a better measure of the labor market because it removes weekly volatility. The 4-week average rose to 254,750.

Meanwhile, the U.S. Bureau of Labor Statistics reported that the number of Americans continuing to file for unemployment benefits rose by 48,000 to 1.42 million.

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