Surge of New Applications for Unemployment Benefits May Signal Cooling Job Market from uksssc job Watch Video

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✓ Published: 14-Jun-2024

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Surge of New Applications for , Unemployment Benefits , May Signal Cooling Job Market.<br/>Last week, the number of people in the <br/>United States filing for unemployment benefits <br/>reached the highest level in ten months last week. .<br/>ABC reports that the news comes as a potential <br/>sign that the U.S. labor market may be slowing <br/>under the burden of high interest rates. .<br/>The week ending June 8 saw <br/>applications for jobless benefits <br/>rise by 13,000 to reach 242,000. .<br/>According to Labor Department <br/>data, that is up from 229,000 new <br/>applications the week before.<br/>The number also represents the highest <br/>number of new applications since August <br/>of 2023, while also being significantly higher <br/>than the 225,000 new claims forecast.<br/>ABC reports that weekly unemployment claims have <br/>lingered at historically low levels since millions of <br/>jobs disappeared with the COVID-19 pandemic.<br/>ABC reports that weekly unemployment claims have <br/>lingered at historically low levels since millions of <br/>jobs disappeared with the COVID-19 pandemic.<br/>Since March of 2022, the Federal Reserve has raised <br/>benchmark rates 11 times in an attempt to reign in <br/>inflation which has risen to a four-decade high.<br/>While the latest data suggests that consumer<br/>inflation cooled in May, the Federal Reserve <br/>has decided to leave rates at a 23-year high.<br/>According to Fed Chair Jerome Powell, officials <br/>are waiting for more evidence that prices <br/>are reaching their target of two percent.<br/>ABC reports that a total of 1.82 million <br/>Americans were collecting unemployment <br/>benefits in the week ending June 1. .<br/>ABC reports that a total of 1.82 million <br/>Americans were collecting unemployment <br/>benefits in the week ending June 1.