US jobless claim applications highest in more than a year

(AP) U.S. applications for jobless benefits rose to their highest level in more than a year, but remain at relatively low levels despite efforts by the Federal Reserve to cool the economy and job market in its battle against inflation.

Jobless claims in the U.S. for the week ending April 8 rose by 11,000 to 239,000 from the previous week, the Labor Department said Thursday. That's the most since January of 2022 when 251,000 people filed for unemployment benefits.

The four-week moving average of claims, which evens out some of the week-to-week fluctuations, rose by 2,250 to 240,000. That's the most since November of 2021.

Last week, the Labor Department unveiled revised estimates of the number of weekly applications for jobless benefits under a new formula it is using to reflect seasonal adjustments. The new formula, which led to an increase in its weekly tally, is intended to more accurately capture seasonal patterns in job losses.

Applications for unemployment benefits are broadly seen reflective of the number of layoffs in the U.S.