The U.S. labor market is getting worse

The number of new jobless claims in the United States continued to rise to 260,000 last week, an increase of 6,000 from the previous value and hovering at a nearly 8-month high. The market had expected 259,000. During the period, the number of people who continued to apply for unemployment benefits rebounded by 57,000 to 1.416 million, compared to the original market expectation of 1.37 million. The data showed that the U.S. labor market is weakening.