First time unemployment benefit filers set 2024 record

Oct. 10 (UPI) -- The number of people filing for unemployment benefits rose dramatically last week to their highest point in more than a year to a seasonally adjusted 258,000, the Labor Department said on Thursday.

The one-week total easily beat the previous 2024 high of 250,000, set during the week ending July 27, and equaled the August 5, 2023, mark of 258,000. The total is an increase of 33,000 from the unrevised total of 225,000.

The one-week increase among first-time filers also marked a 2024 high. The previous one-week increase high was 23,000 which happened the week ending May 4, when the Labor Department saw initial filings from 209,000 to 232,000.

The weekly report compiling first-time unemployment insurance claims is one of the figures watched by the Federal Reserve to examine workforce stability.

The four-week moving average for initial jobless benefits is 231,000, an increase of 6,750 from the previous week's total of 224,250.

The overall total of those filing unemployment insurance for the week ending Sept. 28 was 1.861 million, an increase of 42,000 from the previous week's revised total of 1.819 million. The four-week moving average ending the same week was 1.832 million, an increase of 4,500 from the previous week's total of 1,827,500.