Jobless Claims Decline, but August Layoffs Soar to Historic Levels as Economic Worries Grow

Published on September 5, 2024

The U.S. Department of Labor reported that the number of Americans filing new applications for unemployment benefits inched down last week, while data from outplacement firm Challenger, Gray & Christmas showed that layoffs soared for the entire month of August, painting a mixed picture of labor market health. New filings for jobless benefits, a proxy for layoffs, fell by 5,000, to 227,000 for the week of Aug. 31, according to data released on Sept. 5 by the labor department. That’s less than the 230,000 new filings analysts expected and the lowest level since the week of July 6. Initial claims have been hovering around the 230,000 mark since retreating from an 11-month high of 250,000 in late July as the temporary effects of seasonal factors in the automobile industry and Hurricane Beryl diminished....

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