Weekly US jobless claims highest since 2021, but companies avoid risk of being caught short-handed – By Matt Ott (AP Business) / May 11, 2023
The number of Americans filing for jobless claims last week rose to its highest level in a year-and-a-half, though the labor market remains healthy by historical standards
The number of Americans filing for unemployment benefits last week rose to its highest level in a year-and-a-half, though jobs remain plentiful by historical standards even as companies cut costs as the economy slows.
Applications for jobless aid for the week ending May 6 rose by 22,000 to 264,000, the Labor Department said Thursday. That’s up from the previous week’s 242,000 and is the most since November of 2021. The weekly number of applications is seen as roughly representative of the number of U.S. layoffs.
Many employers appear to have put a premium on retaining workers after some of them were caught short-handed by the rapid post-COVID-19 economic recovery. As a result, most economists don’t envision waves of layoffs even if a recession were to strike later this year as many expect
