Current:Home > FinanceFewer Americans file for jobless claims as applications remain at elevated, but not troubling levels -TrueNorth Capital Hub
Fewer Americans file for jobless claims as applications remain at elevated, but not troubling levels
View
Date:2025-04-14 01:57:44
Fewer Americans filed for unemployment benefits last week, but applications remained at recently elevated, though not troubling levels.
Jobless claims for the week ending July 20 fell by 10,000 to 235,000 from 245,000 the previous week, the Labor Department reported Thursday. It’s the ninth straight week claims came in above 220,000. Before that stretch, claims had been below that number in all but three weeks so far in 2024.
Weekly unemployment claims are widely considered as representative of layoffs, and though they have been slightly higher the past couple of months, they remain at historically healthy levels.
The four-week average of claims, which evens out some of the week-to-week volatility, rose by 250 to 235,250.
The total number of Americans collecting unemployment benefits fell for the second time in three weeks. About 1.85 million Americans were collecting jobless benefits for the week of July 13, around 9,000 fewer than the previous week. However, the four-week average for continuing claims rose to 1,853,500, the highest level since December of 2021.
Continuing claims have been on the rise in recent months, suggesting that some Americans receiving unemployment benefits are finding it more challenging to land jobs.
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 it says can fuel inflation.
Few analysts expect the Fed to cut rates at its meeting later this month, but most are betting on a cut in September.
There have been job cuts across a range of sectors in recent months, from the agricultural manufacturer Deere, to media outlets like CNN, and elsewhere.
Strong consumer demand and a resilient labor market has helped to avert a recession that many economists forecast during the extended flurry of rate hikes. As inflation continues to ease, the Fed’s goal of a soft-landing — bringing down inflation without causing a recession and mass layoffs — appears within reach.
While the labor market remains historically healthy, recent government data suggest some weakening.
The unemployment rate ticked up to 4.1% in June, despite the fact that America’s employers added 206,000 jobs.
Job postings in May rose slightly to 8.1 million, however, April’s figure was revised lower to 7.9 million, the first reading below 8 million since February 2021.
veryGood! (9722)
Related
- Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
- Vanderpump Rules' Tom Sandoval and Ariana Madix Honor Friend Ali Rafiq After His Death
- Timeline: The Justice Department's prosecution of the Trump documents case
- 6 teenagers injured in Milwaukee shooting following Juneteenth festivities
- All That You Wanted to Know About She’s All That
- Supreme Court extends freeze on changes to abortion pill access until Friday
- How Social Media Use Impacts Teen Mental Health
- Judge overseeing Trump documents case sets Aug. 14 trial date, but date is likely to change
- Trump suggestion that Egypt, Jordan absorb Palestinians from Gaza draws rejections, confusion
- 6 teenagers injured in Milwaukee shooting following Juneteenth festivities
Ranking
- Kylie Jenner Shows Off Sweet Notes From Nieces Dream Kardashian & Chicago West
- Sub still missing as Titanic wreckage site becomes focus of frantic search and rescue operation
- Abortion policies could make the Republican Party's 'suburban women problem' worse
- Key takeaways from Hunter Biden's guilty plea deal on federal tax, gun charges
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- ESPN's College Gameday will open 2023 college football season at battle of Carolinas
- New Samsung Galaxy devices are coming—this is your last chance to pre-order and get $50 off
- She was pregnant and had to find $15,000 overnight to save her twins
Recommendation
The 401(k) millionaires club keeps growing. We'll tell you how to join.
Candace Cameron Bure Reacts to Claims That She Lied About Not Eating Fast Food for 20 Years
What lessons have we learned from the COVID pandemic?
Arnold Schwarzenegger’s New Role as Netflix Boss Revealed
Finally, good retirement news! Southwest pilots' plan is a bright spot, experts say
With Greenland’s Extreme Melting, a New Risk Grows: Ice Slabs That Worsen Runoff
Your First Look at American Ninja Warrior Season 15's Most Insane Course Ever
Angela Paxton, state senator and wife of impeached Texas AG Ken Paxton, says she will attend his trial