U.S. Initial unemployment claims reach highest level in nearly four years

Initial unemployment claims in the U.S. Have surged to 263,000, reflecting the highest level since October 2021.

The four-week moving average of jobless claims is now at 240,500, indicating a significant increase since June.

Texas registered the largest increase in claims, followed by Michigan, whereas other states saw declines.

The data suggests an increase in potential layoffs amid a substantial slowdown in hiring across the country.