Jobless Claims Climb as Manufacturing Hiring Stalls

Unemployment claims rose last week while hiring activity in the U.S. manufacturing sector slowed to a standstill last month, signaling potential strain in the labor market. Initial filings for unemployment benefits rose by 4,000, to 232,000 for the week ended on Aug. 17, according to data released on Aug. 22 by the Department of Labor. The number was slightly above consensus estimates of 230,000 and higher than the previous week’s upwardly revised level of 228,000. Initial claims, which are a high-frequency data-point tracking the health of the labor market, tend to be viewed by analysts as a proxy for unemployment, which has been drifting higher in recent months as the economy has cooled....