As the work market continues to be the most robust sector of the U.S. economy, slightly fewer Americans applied for unemployment benefits last week.
WASHINGTON (AP) — The labor market continued to stand out as one of the strongest sectors of the U.S. economy last week, resulting in slightly fewer Americans applying for unemployment benefits.
The Labor Department stated on Thursday that the number of applications for unemployment benefits decreased by 2,000 to 250.000 during the week ending August 13. The number from last week, which caused considerable concern, was reduced by 10,000.
Claims dropped by 2,750 to 246,750 on a four-week average, which helps to smooth out some of the week-to-week volatility.
Traditional unemployment benefits were now being received by 1.43 million more Americans in the week that ended August 6. The most since early April, that is.
Applications for unemployment benefits typically indicate layoffs and are frequently regarded as a leading indicator of the direction of the labor market.
Despite rising interest rates and subpar economic growth, hiring in the United States in 2022 has been relatively robust.
More than double what forecasts had anticipated, the Labor Department said earlier this month that U.S. employers added 528,000 jobs in July. The unemployment rate decreased to 3.5%, matching a 50-year low that was attained just before the early 2020 coronavirus epidemic devastated the American economy.
In the week ending August 6, 1.43 million more Americans were receiving traditional unemployment benefits. The majority since the beginning of April.
Applications for unemployment benefits are generally viewed as a leading sign of the direction of the labor market because they typically indicate layoffs.
The hiring market in the United States has remained generally healthy in 2022, despite rising interest rates and weak economic growth.
The Labor Department reported earlier this month that U.S. employers added 528,000 jobs in July, more than double the amount predicted. A 50-year low was reached with the unemployment rate of 3.5%, which was reached right before the early 2020 coronavirus epidemic decimated the American economy.
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