U.S. applications for unemployment benefits inch up, but remain at historically healthy levels
Slightly more Americans filed for unemployment benefits last week, but the number of claims remains at healthy levels.
Jobless claims rose by 4,000 to 232,000 for the week of
For the week ending
Weekly filings for unemployment benefits, which are a proxy for layoffs, remain low by historic standards.
From January through May, claims averaged a paltry 213,000 a week. But they started rising in May, hitting 250,000 in late July and adding to evidence that high interest rates are taking a toll on the
However, the tiny increase in claims this week follows two straight weeks of declines, largely dispelling worries that the job market is deteriorating rapidly rather than just slowing.
The
The economy is weighing heavily on voters as they prepare for November’s presidential election. Despite a solid job market and decelerating inflation, Americans are still exasperated that consumer prices are 19% higher than they were before inflation started to take off in 2021. Many blame President
Lately, higher rates have finally seemed to be taking a toll. Employers added just 114,000 jobs in July, well below the January-June monthly average of nearly 218,000. The unemployment rate rose for the fourth straight month in July, though it remains low at 4.3%.
Earlier this week, the
On top of that, monthly job openings have fallen steadily since peaking at a record 12.2 million in
As signs of an economic slowdown accumulate and inflation continues to drift down toward its 2% target, the Fed is expected to start cutting rates at its next meeting in September.
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