By Geoffrey Smith 

Investing.com — U.S. stock markets edged higher at the open on Thursday amid fresh indications that the labor market recovery has lost momentum this month.

The initial jobless claims increased for the third consecutive week, to 362,000. This was despite expectations of a drop to 330,000. This is the first time they’ve risen in three consecutive weeks since the beginning of the pandemic. However, the gains are still much lower than last year. 

By 9:35 AM ET (1335 GMT), the was up  126 points or 0.4% at 34,516. The was also up 0.4% and the was up 0.6%. 

As the Delta-variant Covid-19 continues to disrupt supply chains abroad and local economic and social life, claims have steadily risen. Consumer sentiment has declined and spending power is declining as many states have removed the emergency increase to unemployment benefits. 

“The end of emergency unemployment benefits may have done more bad than good amidst a Delta- and supply-induced economic slowdown in Q3,” said Greg Daco, chief U.S. economist with Oxford Economics, via Twitter (NYSE:).

Despite inching higher, the S&P is on track for its biggest monthly decline since March 2020, unsettled by signs of higher inflation and consequently tighter monetary policy, along with peaking earnings growth and business disruptions set to last well into next year. 

Bed Bath & Beyond Inc (NASDAQ:) stock became the latest to be hit by such issues, falling 25% after the retailer reported sales and earnings well short of expectations after a quarter hit by a drop in footfall and supply chain problems that it said will likely carry on for some time. This news raises questions about the ability of management to save the retailer. Retail investors were last in line for support, while institutional short sellers suffered.