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Applications for U.S. unemployment benefits rose last week to a more than one-year high, reflecting notable increases in Michigan and states hit by Hurricane Helene.
Initial claims increased by 33,000 to 258,000 in the week ended Oct. 5, surpassing all estimates in a Bloomberg survey of economists. On an unadjusted basis, more than half of the advance was tied to states affected by Helene, including North Carolina and Florida.
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Job cuts mirror early pandemic levels, and more people than ever are working multiple jobs to keep up with economic needs.
U.S. private-sector hiring and wage growth slowed in December, with employers adding just 122,000 jobs.
The drop represents a positive change following a spike in unemployment over the summer.
