Jobless claims rise higher than expected as layoffs continue to mount

The number of Americans filing for unemployment benefits rose more than expected last week, evidence the labor market is continuing to soften in the face of higher borrowing costs.

Figures released Thursday by the Labor Department show initial claims for the week ended April 15 rose by 5,000 to 245,000. That is above the 2019 pre-pandemic average of 218,000 claims.

Continuing claims, filed by Americans who are consecutively receiving unemployment benefits, also rose to 1.86 million for the week ended April 8, an increase of 61,000 from the previous week.

"Weekly jobless claims came...