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Jobless claims hit eight-month high

The US job market continues, but last week saw the highest number of Americans enrolled in unemployment insurance since November. raised to the highest level. Show signs of strength.

Unemployment assistance applications increased from 14,000 to 262,000, he increased five weeks in the past six, the Labor Department reported on Thursday. Evening out weekly ups and downs, his four-week average of claims rose to 252,000, also his highest since November.

The number of Americans receiving conventional unemployment benefits rose to 1.43 million in the last week of July. This is his highest number since early April.

LPL Financial's chief economist Jeffrey Roach said: note.

Jobless claims are a proxy for layoffs and are often seen as an early indicator of where the job market is headed.

So far this year, the U.S. labor market has been very strong and resilient despite weaker overall economic growth, higher interest rates and weaker economic growth. I have. Employers surged in his July, with employers adding 528,000 jobs to him — more than double what forecasters expected — while unemployed The rate has fallen to 3.5%, the lowest in 50 years.

The United States recovered unexpectedly from her COVID-19 recession in 2020, and businesses scrambled to find enough workers. But the economy continues to face challenges, with the Federal Reserve's decision to raise interest rates to keep inflation at a 40-year high. It's getting even more serious. The economy contracted in the first half of the year, partly because interest rate hikes raised borrowing costs. However, therecession does not match the pace of hiring over the past six months.

"The labor market is still trending in favor of job seekers," economists at Oxford Economics said in a report. “Labor shortages mean companies are more likely to hold back on hiring rather than relying on layoffs.”

  • Employment
  • Economy
  • Unemployment

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