Last week, the number of US jobless claims rose to a three-month high amid a wave of layoffs at US technology companies, in a sign of cooling tensions in the labour market.

The number of initial jobless claims in the week ended Nov. 19 was 240000, the biggest increase since Aug. 13, 2022, and is expected to be 225000, compared with a previous figure of 223000, according to the Labor Department on Wednesday.

The number of renewed claims for unemployment benefits in the week to November 12 was 1.551 million, with an expected number of 1.517 million, with a previous value of 1.507 million.

Economists have been keeping a close eye on the number of people claiming unemployment benefits in recent weeks because these data have been early warning indicators of recession in the past. Although the index has recovered from its low in May, it is still well below last year's level and historical average.

This year, the Fed began its most aggressive tightening since the 1980s to curb inflation. The sharp increase in interest rates has had an impact on industries such as housing and construction.

From Amazon.Com Inc to Facebook Inc's parent company Meta to computer maker Hewlett-Packard, there is a growing list of well-known technology companies that have announced layoffs or hiring freezes, which this week said it would cut 6000 jobs.

Other industries are not immune. Even FedEx Corp arranges workers in its freight department to take holidays before the busiest season of the year.

Economists said: "the number of first-time jobless claims surged in the week to November 19, and the number of jobless claims continued to rise, indicating a weakening labour market. During the survey week of the November employment report, the number of consecutive applications increased by 113000, in line with layoffs in the technology sector, as well as hiring freezes and layoffs in some sectors. "