Jobless claims rise to highest level in 8 months
• Initial jobless claims rose to 244,000 last week, rising by 9,000 compared to a week before
New claims for unemployment in the U.S. rose as the U.S. Labor Market published its Unemployment Insurance Weekly Claims report.
First-time unemployment claims were recorded as 244,000, for the week ended July 9, increasing by 9,000 a week before. The figure stands a bit above the 2019 prepandemic weekly average of 218,000, when the U.S. labor market was also strong.
The US economy is witnessing a slump due to rising inflation and interest rates. Consumer prices rose at the fastest pace in more than 40 years last month.
The four-week moving average for continuing claims rose to 235,750 last week, an increase of 3,250 from the previous week’s average.
Thursday’s report showed that the number of seasonally adjusted insured unemployment claims during the week ending July 2 was 1,331,000, a decrease of 41,000 from the previous week's revised level.
Source - Labor Department
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Jobless claims rise to highest level for the week ended May 28
