Economic Buzz: US unemployment claims climb to nearly four-year high

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended September 6th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims climbed to 263,000, an increase of 27,000 from the previous week's revised level of 236,000.

With the unexpected increase, jobless claims reached their highest level since hitting 268,000 in the week ended October 23, 2021.

The Labor Department said the less volatile four-week moving average also rose to 240,500, an increase of 9,750 from the previous week's revised average of 230,750.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance came in at 1.939 in the week ended August 30, unchanged from the previous week's revised level.

The four-week moving average of continuing claims edged down to 1,945,750, a decrease of 750 from the previous week's revised average of 1,946,500.

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