The number of Americans filing for first-time unemployment claims climbed last week more than expected, which is welcomed in a “bad news is good news” environment. Initial jobless claims climbed to 219,000, the highest level since late August, in the week ended Oct. 1. That’s above economists’ estimates for 203,000, according to FactSet. The four-week average was 206,500, an increase of 250 from the previous week’s revised average. The previous week’s level of jobless claims was revised down to 190,000 from 193,000. The increase in jobless claims was good news for the market. Investors have been hoping for a cooling in the labor market in hopes that it will sway the Federal Reserve to be less aggressive in its hiking of interest rates to try and battle red-hot inflation. Even more crucial jobs data will be released Friday with the monthly jobs report for September. Economists surveyed by FactSet expect the U.S. to have added 250,000 jobs last month, down from 315,000 in the prior month. The unemployment rate was forecast to remain at 3.7%. NN: another sign the FED rate increases are starting ti bite.