US unemployment benefit applications surged to a one-year high last week, with initial claims rising by 33,000 to 258,000. This increase was partly due to Hurricane Helene’s impact on southeastern states and a significant jump in claims from Michigan. The surge in jobless claims may complicate the Federal Reserve’s efforts to assess the labor market’s underlying trends.
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Jobless Claims Hit 14-Month High, Challenging Fed's Labor Market Assessment
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