Unemployment claims rise to highest level in 8 months, signaling slowdown in job market

Initial claims for U.S. unemployment benefits rose to 247,000 last week, the highest in eight months, indicating potential labor market weakness amid tariff concerns. Although overall unemployment filings remain low at 1.9 million, the increase in jobless claims suggests broader workforce shifts, as hiring rates slow and layoffs rise, particularly among large companies like Procter & Gamble and Walmart. The Labor Department’s upcoming report is expected to show a decrease in job additions for May, highlighting a cooling economy despite historically low unemployment rates.

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