Economic Report: Jobless claims rise to highest level since August

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The numbers: Initial jobless benefit claims rose 9,000 to 228,000 in the week ended October 8, the U.S. Labor Department said Thursday.  

Economists surveyed by the Wall Street Journal has forecast an increase to 225,000.

Claims have increased in three of the last four weeks. This is the highest level of claims since late August.

Key details: The jump in claims was led by Florida, fresh from the devastation caused by Hurricane Ian.

Nationwide, the number of people already collecting jobless benefits rose by 3,000 to 1.368 million.

Big picture: Hurricanes tend to add to economic growth over time as stricken communities start to rebuild.

Overall, the labor market has been strong and there are reports that firms are “hoarding” workers even as the economy slows But there have been scattered reports this week that big firms like Intel INTC, +1.16% are planning to lay off workers.

Market reaction: U.S. stocks DJIA, -0.10% SPX, -0.33% were set to open sharply lower on Thursday on the back of a surprisingly strong gain in core consumer prices. The yield on the 10-year Treasury note TMUBMUSD10Y, 4.064% jumped close to 4% after the inflation data.

This article was originally published by Marketwatch.com. Read the original article here.

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