Jobless claim applications surged last week, reaching their highest point in four years.

The number of people in the United States who filed for unemployment in the week ending Sept. 6 rose by 27,000 to 263,000, the Labor Department said Thursday.

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That figure represents the most unemployment applications since the week of Oct. 23, 2021. Economists forecast that the country would see 231,000 new applications.

Experts now believe this will lead the Federal Reserve to cut its benchmark interest rate next week. The Fed typically cuts its key r

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