States reported that 250,000 employees had utilized new unemployment advantages in the course of the week ending August 13, a lower of two,000 from the revised degree of the earlier week. Jobless claims have trended larger this yr and are close to their highest degree since November 2021. Beforehand, jobless claims had been round their lowest ranges for the reason that late Nineteen Sixties. sporadic hiring freezes and freezes proceed to be reported, principally within the expertise sector.
The variety of employees who proceed to assert unemployment advantages – 1.4 million – continues to be nicely beneath the pre-pandemic common of 1.7 million.
The US labor market continues to be remarkably sturdy, even towards the headwinds of rising inflation and slowing financial development. Hiring jumped in July, with employers creating 528,000 jobs, whereas the unemployment charge fell to three.5%, its lowest degree in 50 years.