US jobless claims rise to highest level in four years

The number of Americans filling for jobless benefits rose more than expected last week, adding to concerns about the labor market.

Data released by the US Department of Labor on Thursday revealed that initial jobless claims rose by 27,000 to 263,000 for the week ending September 6, the highest level since October 2021.

The number of claims was expected to rise to 235,000, compared to the previous week's revised figure of 236,000, which was down by 1,000.

The four-week average of claims (a more accurate measure of labor market performance) also rose by 9,750 to 240,500, compared to the previous week's revised average of 250 to 230,750.

This data represents the final indicator of labor market conditions before the Federal Reserve makes its interest rate decision next week, amid widespread expectations of a 25-basis-point (bps) cut.