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Jobless claims at 8-month high as layoffs edge higher
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Jobless claims at 8-month high as layoffs edge higher

The number of Americans collecting jobless benefits last week is at its highest level since November, a sign the labor market is cooling as the Federal Reserve tries to lower inflation by slowing economic growth.Applications for jobless aid for the week ending July 30 rose by 6,000 to 260,000, matching an eight-month high set two weeks ago, the Labor Department reported Thursday. First-time applications generally reflect layoffs. The four-week average for claims, which evens out the weekly ups and downs, also rose from the previous week, to nearly 255,000. Jobless claims have been steadily rising since hitting a 50-year low in early April."The direction of filings has changed. from sustained declines to an uptrend, signaling a shift in the labor market. Overall, further interes...