An employment sign is seen on the window of a department store on August 02, 2024 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
Initial claims for unemployment insurance totaled less than expected last week, countering other signs that the labor market is weakening.
First-time filings for jobless benefits totaled 233,000 for the week, a decline of 17,000 from the previous week’s upwardly revised level and lower than the Dow Jones estimate for 240,000, the Labor Department reported Thursday.
The report comes with Wall Street on edge amid signs that job growth is slowing and even signaling a potential recession on the horizon. Stock market futures shaved losses following the 8:30 a.m. ET release while Treasury yields held higher.
While the top-line number held allay some fears, the level of continuing claims, which run a week behind, edged higher to 1.875 million, the highest since Nov. 27, 2021.
This is breaking news. Please check back for updates.
