COLUMBUS – The number of Ohioans filing first-time claims for unemployment benefits jumped to its highest level in four months, an indication that layoffs might be picking up, though the number of continued claims declined, suggesting that workers who are looking for jobs are finding them.
First-time applications generally reflect layoffs and the number of Americans filing for jobless benefits dropped last week, a sign that few companies are cutting jobs despite high inflation and a weak economy.
Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a recession.
The number of Ohioans filing initial jobless claims during the week that ended Sept. 24 jumped by 24.6%, its biggest increase since March, to 8,004, the highest number since July 23, according to data provided to the U.S. Department of Labor by the Ohio Department of Job and Family Services Thursday.
The four-week average of first-time claims, which evens out short-term fluctuations, dropped by 7.9%.
The statewide unemployment rate in August ticked up to 4%, although employers added jobs for the 19th consecutive month.