Applications for unemployment benefits last week climbed to the highest level since October 2021, the latest evidence the labor market is slowing down.
by the Labor Department show initial claims for the week ended June 3 surged by 28,000 to 261,000, well above the 2019 pre-pandemic average of 218,000 claims. It marks the steepest level for jobless claims since October 2021.
Continuing claims, filed by Americans who are consecutively receiving unemployment benefits, fell slightly to 1.76 million for the week ended May 27, a decrease of 37,000 from the previous week. "The sustained increase in weekly jobless claims from last year’s cyclical low is meaningful, clearly illustrating a softening in conditions," said Jim Baird, Plante Moran Financial Advisors CIO. "That’s encouraging news for Fed policymakers who have been looking for evidence that the aggressive rate hikes of the past year are having an impact."
A"Now Hiring" sign during a job fair at a Schneider Electric manufacturing facility in South Carolina on Jan. 18, 2023. For months, the labor market has remained a strong point in the cooling economy, defying expectations for a slowdown despite the aggressive interest-rate hike campaign by theThe government reported last week that employers
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