The number of Americans applying for unemployment benefits last week hit its highest level in nearly eight months, but the total number of those collecting benefits fell.
Applications for jobless aid for the week ending July 9 rose by 9,000 to 244,000, up from the previous week’s 235,000, the Labor Department reported this morning. First-time applications generally reflect layoffs. Analysts had expected the number to remain flat from the previous week.
The four-week average for claims, which evens out some of the week-to-week volatility, rose by 3,250 from the previous week, to 235,750.
However, the total number of Americans collecting jobless benefits for the week ending July 2 fell by 41,000 from the previous week, to 1,331,000. That figure has hovered near 50-year lows for months.
Last week, the Labor Department reported that employers added 372,000 jobs in June, a surprisingly robust gain and in line with the pace of the previous two months. Economists had expected job growth to slow sharply last month given the broader signs of economic weakness.
The unemployment rate remained at 3.6% for a fourth straight month, matching a near-50-year low that was reached before the pandemic struck in early 2020. Read the full story.
