US applications for unemployment benefits rose more than expected last week, signaling a modest cooling in labor-market momentum. The Labor Department said initial jobless claims increased by 11,000 to a seasonally adjusted 235,000 for the week ended Aug. 16, exceeding the consensus forecast of 225,000 and marking the highest reading since late June. The number of people continuing to receive unemployment assistance also climbed. Continuing claims advanced by 30,000 to 1.972 million in the week ended Aug. 9, topping economists’ projections of 1.960 million. The prior week’s figure was revised down to 1.942 million, but the latest total is still the highest since November 2021, underscoring a gradual rise in the ranks of longer-term unemployed workers. Other data out Thursday showed the Federal Reserve Bank of Philadelphia’s manufacturing index slipping to –0.3, below the expected 6.5 reading. US equity futures edged lower after the releases, with S&P 500 contracts down roughly 0.1%, while futures pricing in Fed funds markets put the probability of a September interest-rate cut at about 81%. Although layoffs remain historically subdued, the latest figures add to evidence that labor-market strength is ebbing.