Layoffs and job cuts appear to have impacted the latest unemployment figures with the Labor Department reporting Wednesday that 240,000 filed jobless claims for the first time last week, the highest that number has been since August.
The total was an increase of 17,000 from the previous week, reversing a two-week trend where initial unemployment insurance filings had fallen. First-time filings had reached a 2022 seasonally adjusted high of 261,000 on July 16 before beginning to fall at an uneven pace.
Initial weekly unemployment insurance filings had been as low as 166,00 this year on March 19. First-time filing totals for Nov. 12 were revised up by 1,000 to 223,000.
The four-week moving average for first-time unemployment insurance claims increased to 226,750, up 5,500 from the previous week’s revised average. The Labor Department revised the previous week’s average up 250 to 221,250.
The number of people overall filing for unemployment insurance for the week ending Nov. 12 was 1.551 million, an increase of 48,000 from the previous week. The four-week moving average for everyone filing reached 1,509,750, an increase of 28,250 from the previous week.
Facebook announced on Nov. 9 that it was laying off 11,000 and Twitter, under new owner Elon Musk, laid off 3,700 earlier in the month among other tech job losses.
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