Source: Axios
“A massive spike in jobless claims on Thursday heightened fears of a swift labor market deterioration — but it turns out many of those claims were fake. The big jump, which took national claims to a four-year high and jolted financial markets, was a result of attempted fraudulent unemployment filings in Texas. Minutes after the report, economists flagged that the overall spike in weekly claims was a result of an unusual surge in Texas — a quirk some attributed to holiday effects or the state’s flood disaster claims program. But now the state’s labor office, which reports the data to the national Labor Department, said it was a direct result of fraudulent attempts to collect unemployment benefits.” (09/12/25)