Applications for US jobless claims up again last week - Albuquerque Journal

Applications for US jobless claims up again last week

WASHINGTON — More Americans applied for jobless benefits last week as the number of unemployed continues to rise modestly, though the labor market remains one of the strongest parts of the U.S. economy.

Applications for jobless aid for the week ending July 30 rose by 6,000 to 260,000 from the previous week’s 254,000, the Labor Department reported Thursday. First-time applications generally reflect layoffs.

The four-week average for claims, which evens out the weekly ups and downs, also rose from the previous week, to 254,750.

The total number of Americans collecting jobless benefits for the week ending July 23 rose by 48,000 from the previous week, to 1,416,000. That figure has been near 50-year lows for months.

On Tuesday, the Labor Department reported that American employers posted fewer job openings in June as the economy contends with persistently high inflation and rising interest rates.

Job openings fell to a still-high 10.7 million in June from 11.3 million in May. Job openings, which never exceeded 8 million in a month before last year, had topped 11 million every month from December through May before dipping in June.

The Labor Department’s jobs report for July, due out Friday, is expected to show that employers tacked on another 250,000 jobs last month, which would be a healthy number in normal times but would be the lowest since December 2020, when the global economy was being ravaged by the pandemic.

Economists expect the unemployment rate to hold at 3.6% for the fifth straight month.

Though the labor market is still considered strong, there have been some high-profile layoffs announced recently by Tesla, Netflix, Carvana, Redfin and Coinbase. A host of other companies, particularly in the tech sector, have announced hiring freezes.

Other indicators point to some weakness in the U.S. economy. The government said last week that the U.S. economy shrank 0.9% in the second quarter, the second straight quarterly contraction.

Consumer prices are still soaring, up 9.1% in June compared with a year earlier, the biggest yearly increase in four decades. In response, the Federal Reserve raised its main borrowing rate by another three-quarters of a point last week. That follows June’s three-quarter point hike and another half-point increase in May.

Higher rates have already sent home sales tumbling, made the prospect of buying a new car more burdensome and pushed credit card rates up.

All of those factors paint a divergent and confusing picture of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession.

Home » News » Nation » Applications for US jobless claims up again last week


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

1
BCSO searching bosque for suspect in stabbing, fire south ...
ABQnews Seeker
Deputies are asking the public's help ... Deputies are asking the public's help in finding a man who allegedly stabbed a person before lighting a fire Friday morning in the bosque ...
2
Teachers union declares impasse as APS board tables changes
ABQnews Seeker
Decision jeopardizes previously approved raises and ... Decision jeopardizes previously approved raises and district-union trust
3
Portales woman fatally struck by elderly driver while getting ...
ABQnews Seeker
Authorities said an 88-year-old struck his ... Authorities said an 88-year-old struck his neighbor with his flatbed trailer, killing her, as she got her mail Thursday afternoon near Portales. New Mexico ...
4
Man's body found floating in Abiquiu Lake, deputies say
ABQnews Seeker
Authorities say a fisherman found a ... Authorities say a fisherman found a man's body on the west side of Abiquiu Lake on Thursday morning. Rio Arriba County Sheriff's Maj. Lorenzo ...
5
Former nonprofit treasurer pleads guilty to embezzlement
ABQnews Seeker
Michelle Luna sentenced to probation, ordered ... Michelle Luna sentenced to probation, ordered to pay restitution to West Central Community Development Group
6
APS' continuing issues with HVAC cause health concerns
ABQnews Seeker
District says it has 385 open ... District says it has 385 open work orders related to air-conditioning
7
Lawmakers turn budget focus to preventing child abuse
ABQnews Seeker
Fewer children in New Mexico are ... Fewer children in New Mexico are receiving services
8
NM reporter's rally ejection ignites controversy over press access
ABQnews Seeker
Ronchetti campaign claims journalist's publication is ... Ronchetti campaign claims journalist's publication is a left-wing advocacy company
9
Santa Fe lawyer ordered to appear in Georgia probe
ABQnews Seeker
John Eastman subpoenaed by grand jury ... John Eastman subpoenaed by grand jury investigating 2020 election interference
10
Forest Service reseeding burn scar
ABQnews Seeker
More than 180,000 acres have suffered ... More than 180,000 acres have suffered damage