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US Jobless Claims Jump as Fed Shoves Economy to ‘Precipice of Global Recession’

Labor Department data published Thursday showed that new applications for unemployment benefits jumped by 29,000 last week, a possible signal that the job market is slowing as the Federal Reserve continues to aggressively hike interest rates and brush off warnings of a devastating recession.

For the week ending October 1, total initial jobless claims were 219,000, more than analysts expected and up from 190,000 the previous week. The weekly increase in unemployment applications was the largest since June, according to the new federal numbers, though the job market remains strong overall for the time being.

“The last thing families need right now on top of high inflation is a recession.”

Around 1.4 million people were receiving unemployment benefits as of the week ending September 24, the Labor Department said.

The unemployment figures were released a day ahead of the Friday publication of September’s jobs report, which could provide a…

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