Applications for US jobless claims up once more final week
WASHINGTON — More Americans utilized for jobless advantages final week because the variety of unemployed continues to rise modestly, although the labor market stays one of many strongest components of the U.S. economic system.
Applications for jobless support for the week ending July 30 rose by 6,000 to 260,000 from the earlier week’s 254,000, the Labor Department reported Thursday. First-time functions typically mirror layoffs.
The four-week common for claims, which evens out the weekly ups and downs, additionally rose from the earlier week, to 254,750.
The complete variety of Americans gathering jobless advantages for the week ending July 23 rose by 48,000 from the earlier week, to 1,416,000. That determine has been close to 50-year lows for months.
On Tuesday, the Labor Department reported that American employers posted fewer job openings in June because the economic system contends with persistently excessive inflation and rising rates of interest.
Job openings fell to a still-high 10.7 million in June from 11.3 million in May. Job openings, which by no means exceeded 8 million in a month earlier than final yr, had topped 11 million each month from December by way of May earlier than dipping in June.
The Labor Department’s jobs report for July, due out Friday, is anticipated to point out that employers tacked on one other 250,000 jobs final month, which might be a wholesome quantity in regular instances however can be the bottom since December 2020, when the worldwide economic system was being ravaged by the pandemic.
Economists count on the unemployment fee to carry at 3.6% for the fifth straight month.
Though the labor market remains to be thought of robust, there have been some high-profile layoffs introduced lately by Tesla, Netflix, Carvana, Redfin and Coinbase. A number of different corporations, notably within the tech sector, have introduced hiring freezes.
Other indicators level to some weak point within the U.S. economic system. The authorities mentioned final week that the U.S. economic system shrank 0.9% within the second quarter, the second straight quarterly contraction.
Consumer costs are nonetheless hovering, up 9.1% in June in contrast with a yr earlier, the largest yearly improve in 4 a long time. In response, the Federal Reserve raised its major borrowing fee by one other three-quarters of some extent final week. That follows June’s three-quarter level hike and one other half-point improve in May.
Higher charges have already despatched dwelling gross sales tumbling, made the prospect of shopping for a brand new automotive extra burdensome and pushed bank card charges up.
All of these components paint a divergent and complicated image of the post-pandemic economic system: Inflation is hammering family budgets, forcing shoppers to tug again on spending, and progress is weakening, heightening fears the economic system may fall into recession.
Applications for US jobless claims up once more final week.
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