Weekly jobless claims jump to 231,000, the highest since August | Peter C. Earle on Newsmax

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The number of Americans applying for unemployment benefits jumped to its highest level in more than eight months last week in another sign that the labor market may be softening.

Unemployment claims for the week ending May 4 rose by 22,000 to 231,000, up from 209,000 the week before, the Labor Department reported Thursday. Last week's claims were the most since the final week of August 2023.

AIER's economist Peter C. Earle joins Newsmax to give his insight.