Initial weekly jobless claims hit 243,000; tie 2024 high

July 18 (UPI) -- The number of people filing for unemployment benefits for the first time last week tied the highest totals for the year thus far, the Labor Department said on Thursday.

Weekly unemployment claims 20,000 to 243,000 last week, tying a high for the year, tying a 2024 high set the week ended June 8, the Labor Department's weekly unemployment insurance report said.

The number of initial claims is not only tied for the highest total of the year but is 12,000 more than this time in 2023, according to the Labor Department.

The four-week moving average for first-time filings increased 1,000 to 234,750. The previous week's total was revised up to 233,750.

The total number of Americans filing for unemployment benefits for the week ending July 6 was 1.867 million, an increase of 20,000 from the previous week's total.

It marked the highest overall level since November 27, 2021, when the total reached 1,847,000.

The four-week moving average for total claims was 1,850,500, a bump of 11,500 from the previous week's revised total, which was revised down by 1,250. The four-week average was the highest since December 4, 2021, when the average reached 1,859,750.