Last week, the US employment market remained strong despite40 years of high inflationand countless other economic pressures. As a result, fewer Americans are applying for benefits while unemployed.
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 byinflation levels that have not been seen in 40 years.
At the beginning of June, the Ministry of Labor saw consumer prices soar 8.6% last month. I reported that I did. — More than April — from a year ago. The Federal Reserve responded last week by raising its key borrowing rate (a key tool for combating rising prices) bythree-quarters points. The increase is in addition to the increase in the half-point in early May.
Three weeks ago, the government added390,000 jobs to US employers in May,, supporting the economy under pressure. He reported expanding a series of solid employment. 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 last week it fired 8% of its workersunder pressure from the housing market, which had been chilled by rising interest rates.
These price cuts have extended to companies in thecrypto sector, and prices for Bitcoin and other digital assets have risen in recent months.
Cryptographic trading platform Coinbase Global last week reduced about 1,100 jobs, or about 18% of the world's workforce, as part of a restructuring to help manage operating expenses. According to the current market conditions, he said he plans to.
