Last week, U.S. unemployment claims rose for the first time in six weeks. However, it is still near a historically low level, indicating that the employment market is strong even in the midst of growing economic uncertainty.
| Key Point |
|---|
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Upper row: number of new unemployment insurance applications, lower row: 4-week moving average of the number of applications
Source: US Department of Labor
Layoffs are spreading across the tech industry and beyond, but many companies, especially small and medium-sized businesses, are still struggling to recruit and are struggling to keep workers.
The four-week moving average of less volatile unemployment claims fell to 189,250, the lowest since late April.
Bloomberg Economics economist Eliza Winger said: “With a limited number of industries announcing job cuts, we expect the pace of layoffs to increase modestly in the near term, with the number of applications surpassing 200,000 for the fourth straight week. “It is below, indicating a tight labor market, which also suggests that it will take some time to contain price pressures.”
Before seasonal adjustment, the number of unemployment claims increased to 234,654. The increase was particularly noticeable in California and Ohio.
See table for detailed statistics.
Original title:US Jobless Claims Pick Up for the First Time in Six Weeks(excerpt), US Weekly Jobless Claims Rose 13K to 196K; Est. 190K (excerpt)
(Update to add the economist’s view in the penultimate paragraph)
