More Americans applied for unemployment benefits last week

More Americans applied for unemployment benefits last week. Yet the total number of Americans collecting unemployment benefits remains at...

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  • More Americans applied for unemployment benefits last week.
  • Yet the total number of Americans collecting unemployment benefits remains at a five-decade low.
  • Weekly unemployment claims have been consistently below pre-pandemic level.

Mixed economic news in in the United States. More Americans filed for unemployment benefits last week, but the total number of Americans collecting unemployment benefits remains at a five-decade low, said The Associated Press.

Claims for unemployment benefits increased by 27,000 to 229,000 for the week ending June 4, the most since mid-January, the Department of Labor reported Thursday, June 9. First-time applications generally track the number of layoffs.

Unemployment benefits applications on the rise

unemployment aid usa
Photo: AP

The four-week average of claims, which offsets some of the weekly volatility, increased by 8,000 from the previous week to 215,000. The total number of Americans who collected unemployment benefits during the week ending May 28 was unchanged from the previous week at 1,306,000, the fewest since January 10, 1970.

American workers enjoy historically strong job security two years after the coronavirus pandemic plunged the economy into a short but devastating recession. Weekly unemployment claims have been consistently below the pre-pandemic level of 225,000 for most of 2022, even as the broader economy contracted in the first quarter and concerns about inflation persist. Filed Under: US Unemployment Aid.

Unemployment rate remains low

unemployment
Photo: Shutterstock

Last week, the government reported that US employers added 390,000 jobs in May, extending a streak of strong hiring that has buoyed an economy under pressure from high inflation and rising interest rates. Last month’s rise reflects a resilient labor market that has so far shrugged off concerns the economy will weaken in coming months as the Federal Reserve steadily raises interest rates to fight inflation.

The unemployment rate stood at 3.6%, just above a half-century low. Job growth in May, while healthy, was the lowest monthly increase in a year. But it was high enough to keep the Fed on track for what is likely to be the fastest series of rate hikes in more than 30 years. Filed Under: US Unemployment Aid.

They warn that prices are rising

unemployment
Photo: AP

Consumer-level inflation eased slightly in April after months of relentless increases, but hovered near a four-decade high. Consumer prices rose 8.3% last month from a year earlier, just below the 8.5% year-on-year increase in March, which was the highest since 1981, according to the AP.

Earlier in May, the Federal Reserve stepped up its fight against inflation by raising its benchmark short-term interest rate by half a percentage point, signaling more major rate hikes to come. The Fed meets again next week. Filed Under: US Unemployment Aid.

The post More Americans applied for unemployment benefits last week appeared first on Mundo Hispanico.