The number of Americans filing for unemployment benefits inched up last week, but remain at historically healthy levels despite elevated interest rates
A hiring sign is displayed at a restaurant in Chicago, Monday, July 1, 2024. On Wednesday, July 3, 2024, the Labor Department reports on the number of people who applied for unemployment benefits last week. The number of Americans filing for unemployment benefits inched up last week and remain historically low, however the total number of people collecting jobless benefits continues to grow.
The total number of Americans collecting unemployment benefits rose for the ninth straight week, to 1.86 million, for the week of June 22. That’s the most since November of 2021. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an attempt to extinguish the four-decade high inflation that shook the economy after it rebounded from the COVID-19 recession of 2020. The Fed’s intention was to cool off a red-hot labor market and slow wage growth, which can fuel inflation.
“The data bear watching for signals about a more material weakening in the labor market going forward, which will have implications for Fed policy,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics.
Labor Government Programs U.S. News General News Article 111639557
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Non-Americans Married To Americans Share Differences'There's a pressure to be perfect in American life that makes having difficult emotional conversations, at least for his family, almost impossible.'
Read more »
Why Are We Finding Joy in Fisker's Failure?Since when do Americans root for other Americans to fail?
Read more »
End of Medicaid Coverage Hits More Black and Hispanic AmericansNew research suggests that Black and Hispanic citizens are disproportionately affected by the Medicaid disenrollments.
Read more »
Ohio Republican slams Fauci over pandemic policies: 'Americans were aggressively bullied'The congressman condemned Fauci’s position as an authority on COVID-19.
Read more »
Congo hasn't allowed US access to Americans arrested in coup attempt, embassy saysThe U.S. Embassy in Congo said Congolese authorities have not shared details or provided access to the Americans arrested under accusations of having a role in a recent failed coup attempt.
Read more »
Some Black Americans find irony in Trump's reaction to his conviction in New York trialFormer President Donald Trump railed against what he called the injustice of his guilty verdict in a courthouse where five Black and Latino teens were wrongly convicted in a case Trump supported vociferously.
Read more »