The number of those filing for unemployment benefits south of the border rose to a six-month high last week, suggesting some loss of momentum in the U.S. labour market amid a sharp economic slowdown and financial market volatility.
Figures released by the U.S. Labor Department revealed initial claims for state unemployment benefits jumped 10,000 to a seasonally-adjusted 293,000 for the week ended Jan. 16, the highest reading since early July.
The prior week's claims were revised to show 1,000 fewer applications received than previously reported. Economists had forecast claims slipping to 278,000 in the latest week.
While layoffs appear to have picked up a bit in recent weeks, experts opine the increases probably do not suggest a material weakening in labour market conditions as claims data is difficult to adjust this time of the year.
