Business News: Unemployment claims rise to 240,000; Miami-Dade wants FTX name gone – Boston Herald



The number of Americans applying for unemployment benefits rose to the highest level since August but still remains low by historic standards.

The Labor Department reported Wednesday that 240,000 people applied for jobless aid last week, up by 17,000 from the week before. The four-week moving average of claims, which smooths out week-to-week volatility, rose by 5,500 to 226,750.

Applications for unemployment benefits are a proxy for layoffs and the current low levels shows that American workers enjoy extraordinary job security.

Employers added 261,000 jobs last month and are creating an average of nearly 407,000 a month this year — on pace to make 2022 the second-best year for hiring (after 2021) in government records going back to 1940.

The unemployment rate is 3.7%, a couple of ticks above a half-century low.

Miami-Dade wants FTX name gone

Miami-Dade County has asked a federal bankruptcy court for immediate permission to end its naming rights deal with FTX and strip that brand off the arena where the NBA’s Miami Heat play.

In a motion filed Tuesday, the county — which owns the arena and negotiated the naming rights deal with FTX — said continuing to refer to the building as FTX Arena will only add to the “enduring hardships” brought on by the collapse of the cryptocurrency exchange.

“It does not appear that the Debtor will suffer harm from a termination of the Naming Rights Agreement,” the county wrote in its motion.

A hearing is set for mid-December. For now, FTX signage remains on the building and its name has not been changed.

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