Fewer Americans filed for unemployment benefits last week, but applications remained at recently elevated, though not troubling levels
FILE - A hiring sign is displayed at a restaurant in Mount Prospect, Ill., Feb. 1, 2024. On Thursday, July 25, 2024, the Labor Department reports on the number of people who applied for unemployment benefits last week. .
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 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.
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.
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