Jobless claims rise more than expected as labor market starts to cool

The number of Americans filing first-time unemployment benefits rose more than expected last week, a sign the labor market is starting to cool as the Federal Reserve raises interest rates at the fastest pace in decades.

Figures released Thursday by the Labor Department show applications for the week ended Oct. 1 climbed to 219,000 from the downwardly revised 190,000 recorded a week earlier. That is in line with the 2019 pre-pandemic average of 218,000 claims. 

It marks the highest level for jobless claims in five weeks and is well above the median forecast for...