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Few Americans Apply for Unemployment Assistance

Washington-Last week, the US employment market was unemployed as it remained strong despite 40 years of high inflation and countless other economic pressures. Fewer Americans are applying for benefits inside.

Applications for unemployment assistance for the week ending June 18 fell to 229,000, down 2,000 from the previous week, the Ministry of Labor reported Thursday. First-time applications usually reflect the number of layoffs.

The four-week average of claims leveled some of the weekly volatility, up 4,500 from the previous week to 223,500.

The total number of Americans collecting unemployed benefits during the week ending June 11 was 1,315,000, an increase of 5,000 from the previous week. That number has been hovering near the 50-year low for months.

Much of the recent employment security and wage increases that Americans have enjoyed recently have been offset by inflation levels that have not been seen for 40 years.

At the beginning of June, the Ministry of Labor reported last month that consumer prices rose 8.6% from a year ago. This is even higher than in April. The Federal Reserve responded last week by raising key borrowing rates by three-quarters, a key tool in combating rising prices. The increase is in addition to the increase in the half-point in early May.

Three weeks ago, the government reported that U.S. employers added 390,000 jobs in May, expanding a range of solid jobs that have underpinned the economy under pressure. .. Employment growth was healthy in May, but monthly growth was the lowest in a year, and there are signs that more layoffs may occur, at least in some sectors.

The number of unemployed claims in the last few weeks has been relatively low, but the highest since the first week of 2022.

Online car retailer Carvana announced last month that it would dismiss about 2,500 workers. , About 12% of employees. Online real estate broker Redfin said it fired 8% of its workers last week under pressure from the housing market, which has been chilled by rising interest rates.

These price cuts have extended to companies in the crypto sector, and prices for Bitcoin and other digital assets have risen in recent months.

Cryptographic trading platform Coinbase Global reduced about 1,100 jobs, or about 18% of the world's workforce, last week as part of a restructuring to help manage operating costs in response to current market conditions. Announced plans to do. ..