Jobless Claims Surge Raises Concerns Over US Economic Health

The U.S. labor market is showing signs of weakness, with jobless claims soaring to a 10-month high. The latest data reveals a jump of 11,000 in initial claims, reaching 235,000 for the week ending August 16th. This surge could impact financial markets, potentially affecting cryptocurrencies like Bitcoin and Ethereum. While no immediate major on-chain reactions have been observed, experts are closely watching how these economic indicators play out. The increase in jobless claims has also contributed to a rise in continuing claims, reaching 1.972 million—the highest level since November 2021.