SStates reported that 262,000 staff filed a declare
new unemployment advantages throughout the week ending August 6. Unemployment claims have typically elevated this yr and are close to the very best degree since November 2021. Beforehand, claims hovered round their lowest ranges because the late Nineteen Sixties, however started to rise in June. , coinciding with a rise in reported job cuts and hiring freezes, principally within the tech sector.
The variety of staff who proceed to say unemployment advantages – 1.4 million – continues to be nicely under the pre-pandemic common of 1.7 million.
In different labor market information, the Division of Labor
July jobs report confirmed that US employers created 528,000 new jobs final month, far exceeding economists’ forecasts. The jobless charge fell to three.5%, shut to what’s thought-about full employment and a half-century low. The wage invoice has lastly returned to pre-pandemic ranges final seen in February 2020.