Current:Home > MyApplications for US jobless benefits tick up slightly-Angel Dreamer Wealth Society D1 Reviews & Insights
Applications for US jobless benefits tick up slightly
View Date:2024-12-23 23:19:59
The number of Americans applying for unemployment benefits last week ticked up modestly after falling to the lowest level in seven months the week before, as companies continue to retain employees despite the Federal Reserve’s efforts to cool the economy.
U.S. applications for jobless claims rose by 3,000 to 220,000 for the week ending Sept. 9, the Labor Department reported Thursday.
Jobless claim applications are seen as representative of the number of layoffs in a given week.
The four-week moving average of claims, a less volatile measure, fell by 5,000 to 224,500.
The Federal Reserve is well into the second year of its battle against inflation, having raised interest rates 11 times since March of last year. At 5.4%, the Fed’s benchmark borrowing rate is at the highest level in 22 years.
The Fed’s rate hikes are meant to cool the job market and bring down wages, which many economists believe helps to ease pressure on price growth. Though some measures of inflation have retreated significantly — from as much as 9% down closer to 3% — since the Fed starting raising interest rates, the job market has held up better than most expected.
Earlier this month, the government reported that U.S. employers added 187,000 jobs in August, another sign of a healthy labor market. Theough the unemployment rate ticked up to 3.8%, it’s still low by historical measures.
The U.S. economy has been adding an average of about 236,000 jobs per month this year, down from the pandemic surge of the previous two years, but still a strong number.
Recent government data also showed that job openings dropped to 8.8 million in July, the fewest since March 2021 and down from 9.2 million in June. However, the numbers remain unusually robust considering monthly job openings never topped 8 million before 2021.
Besides some layoffs in the technology sector early this year, companies have mostly been trying to retain workers.
Many businesses struggled to replenish their workforces after cutting jobs during the pandemic, and sizable amount of the ongoing hiring likely reflects efforts by firms to catch up to elevated levels of consumer demand that emerged since the pandemic recession.
Overall, 1.69 million people were collecting unemployment benefits the week that ended Sept. 2, about 4,000 more than the previous week.
veryGood! (8298)
Related
- Rita Ora pays tribute to Liam Payne at MTV Europe Music Awards: 'He brought so much joy'
- In 'Yellowstone' First Look Week, Rip and Beth take center stage (exclusive photo)
- Election 2024 Latest: Harris ad focuses on housing; former Democratic congresswoman endorses Trump
- US appeals court clears way for Florida ban on transgender care for minors
- Tampa Bay Rays' Wander Franco arrested again in Dominican Republic, according to reports
- Is 'going no contact' the secret to getting your ex back? Maybe — but be careful.
- 23 more Red Lobster restaurants close: See the full list of 129 shuttered locations
- Judge orders Martin Shkreli to turn over all copies of unreleased Wu-Tang Clan album
- Denver district attorney is investigating the leak of voting passwords in Colorado
- Ranking the 10 toughest college football schedules starting with Florida, USC
Ranking
- At age 44, Rich Hill's baseball odyssey continues - now with Team USA
- Who Is Kick Kennedy? Everything to Know About the Actress Linked to Ben Affleck
- 'Only Murders' doesn't change at all in Season 4. Maybe that works for you!
- Stormy sky and rainbow created quite a scene above Minnesota Twins’ Target Field
- Mississippi man charged with shooting 5 people after not being allowed into party
- 'Real Housewives' alum Vicki Gunvalson says she survived 'deadly' health scare, misdiagnosis
- Ex-jailer in Mississippi is charged in escape of inmate who had standoff with Chicago police
- Judge orders Martin Shkreli to turn over all copies of unreleased Wu-Tang Clan album
Recommendation
-
Dick Van Dyke says he 'fortunately' won't be around for Trump's second presidency
-
Fantasy football: 20 of the best team names for the 2024 NFL season
-
Newsom’s hands-on approach to crime in California cities gains critics in Oakland
-
Rent remains a pain point for small businesses even as overall inflation cools off
-
Republican David Schweikert wins reelection in affluent Arizona congressional district
-
Alabama man shot by police during domestic violence call
-
Maine workers make progress in cleanup of spilled firefighting foam at former Navy base
-
Kelly Monaco Leaving General Hospital After 21 Years