The number of Americans filing for unemployment benefits jumped to its highest level in a year last week, even as the labor market remains broadly healthy. Jobless claims for the week ending July 27 climbed by 14,000 to 249,000, from 235,000 the previous week, the Labor Department reported Thursday. It’s the most since the first week of August last year and the 10th straight week claims have come in above 220,000. Before that stretch, claims had been below that number in all but three weeks so far in 2024.
Quick Read
- The number of Americans filing for jobless claims hits highest level in a year
- The number of Americans filing for unemployment benefits last week reached its highest level in a year, indicating potential softening in the labor market.
- For the week ending July 27, jobless claims increased by 14,000 to 249,000, up from 235,000 the previous week, according to the Labor Department.
- This marks the highest level since the first week of August last year and the 10th consecutive week that claims have surpassed 220,000.
- Despite the recent increase, jobless claims remain at historically healthy levels, reflecting a broadly healthy labor market.
- The four-week average of claims, which smooths out weekly fluctuations, rose by 2,500 to 238,000.
- The total number of Americans collecting unemployment benefits for the week of July 20 surged by 33,000 to 1.88 million.
- The rise in continuing claims suggests that some Americans on unemployment benefits are finding it increasingly difficult to secure new jobs.
The Associated Press has the story:
The number of Americans filing for jobless claims hits highest level in a year
Newslooks- (AP)
The number of Americans filing for unemployment benefits jumped to its highest level in a year last week, even as the labor market remains broadly healthy. Jobless claims for the week ending July 27 climbed by 14,000 to 249,000, from 235,000 the previous week, the Labor Department reported Thursday. It’s the most since the first week of August last year and the 10th straight week claims have come in above 220,000. Before that stretch, claims had been below that number in all but three weeks so far in 2024.
Weekly unemployment claims are widely considered as representative of layoffs, and though they have been slightly higher the past couple of months, they remain at historically healthy levels. The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans collecting unemployment benefits for the week of July 20 jumped by 33,000 to 1.88 million. Continuing claims have been on the rise in recent months, suggesting that some Americans receiving unemployment benefits are finding it more challenging to land jobs.
