First-time claims for unemployment hit highest level since late 2021 – By Daniel J. Graeber (UPI) / June 8, 2023
June 8 (UPI) — The number of people filing initial claims for unemployment insurance reached its highest level since October 2021 during the week ending June 3, the Labor Department reported Thursday.
First-time claims came in at 261,000 for the week, an increase of 28,000 from the prior seven-day period. The less-volatile, four-week moving average showed an increase of 7,500 from the prior week to reach 237,250, data show.
Hiring is a concern for a Federal Reserve trying to cool the economy with successive interest rate hikes. More jobs mean more discretionary spending, driving both demand and inflation higher.
Weekly data and the four-week trend followed a downturn in unemployment in May. Last month, the number of people who were without a job for less than five weeks increased by 217,000 to 2.1 million, offsetting a decline from April
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