States reported 229,000 staff filed for new unemployment advantages within the week ending June 11, a drop of three,000 from the revised stage of the earlier week. The variety of staff who proceed to assert unemployment advantages – 1.3 million – remains to be effectively beneath the pre-pandemic common of 1.7 million.
Unemployment claims have remained near pre-pandemic ranges because the begin of this yr as employers have usually prevented shedding staff given traditionally excessive demand, though it’s reported that some layoffs are beginning to occur in varied industries because of slowing enterprise progress and rising labor prices.
The unemployment charge held regular at 3.6% in Might, shut to what’s thought-about full employment. And the US labor market stays stable general, however is exhibiting some early indicators of slowing. US employers added 390,000 jobs in Might— a sturdy achieve that was additionally beneath the typical month-to-month charge of progress over the previous yr.