Slightly fewer Americans filed for unemployment benefits last week as the labor market continues to be the strongest segment of the U.S. economy.
FILE - A hiring sign is displayed at a restaurant in Schaumburg, Ill., Friday, April 1, 2022. More Americans applied for jobless benefits last week, reported Thursday, Aug. 4, 2022, as the number of unemployed continues to rise modestly, though the labor market remains one of the strongest parts of the U.S. economy. – Slightly fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy.
The four-week average for claims, which evens out some of the week-to-week volatility, fell by 2,750 to 246,750. Unemployment applications generally reflect layoffs and are often seen as an early indicator of where the job market is headed. The Labor Department reported earlier this month that U.S. employers added 528,000 jobs in July, more than double what forecasters had expected. The unemployment rate dipped to 3.5%, tying a 50-year low reached just before coronavirus pandemic slammed the U.S. economy in early 2020.The United States recovered with unexpected strength from 2020′s COVID-19 recession, leaving businesses scrambling to find enough workers.
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