Investment Executive on Nostr: U.S. jobless benefit claims jump to highest level in 10 months ========== The number ...
U.S. jobless benefit claims jump to highest level in 10 months
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The number of Americans filing for jobless benefits jumped to the highest level in 10 months last week, with unemployment benefit applications for the week ending June 8 rising by 13,000 to 242,000. The four-week average of claims rose to 227,000, the highest since September. The increase in jobless benefit claims is seen as a possible sign that the labor market is loosening under the weight of high interest rates. The Federal Reserve's 11 rate hikes since March 2022 were intended to cool off a red-hot labor market and slow wage growth. However, sustained layoffs at the current level could influence the Federal Reserve's interest rate decisions. The recent report also showed signs of a potential slowdown, with the unemployment rate edging up to 4% and job openings falling to 8.1 million in April, the fewest vacancies since 2021. Some high-profile companies have announced job cuts recently, including Google, Apple, eBay, Walmart, Peloton, Stellantis, Nike, and Tesla. In total, 1.82 million were collecting jobless benefits during the week that ended June 1, the most since early this year.
#JoblessBenefits #Unemployment #LaborMarket #InterestRates #FederalReserve
https://www.investmentexecutive.com/news/research-and-markets/u-s-jobless-benefit-claims-jump-to-highest-level-in-10-months/
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The number of Americans filing for jobless benefits jumped to the highest level in 10 months last week, with unemployment benefit applications for the week ending June 8 rising by 13,000 to 242,000. The four-week average of claims rose to 227,000, the highest since September. The increase in jobless benefit claims is seen as a possible sign that the labor market is loosening under the weight of high interest rates. The Federal Reserve's 11 rate hikes since March 2022 were intended to cool off a red-hot labor market and slow wage growth. However, sustained layoffs at the current level could influence the Federal Reserve's interest rate decisions. The recent report also showed signs of a potential slowdown, with the unemployment rate edging up to 4% and job openings falling to 8.1 million in April, the fewest vacancies since 2021. Some high-profile companies have announced job cuts recently, including Google, Apple, eBay, Walmart, Peloton, Stellantis, Nike, and Tesla. In total, 1.82 million were collecting jobless benefits during the week that ended June 1, the most since early this year.
#JoblessBenefits #Unemployment #LaborMarket #InterestRates #FederalReserve
https://www.investmentexecutive.com/news/research-and-markets/u-s-jobless-benefit-claims-jump-to-highest-level-in-10-months/