US jobless claims dip modestly to 215,000 last week as layoffs remain at historically healthy levels
Summary
The number of Americans applying for unemployment benefits fell slightly to 215,000 last week, showing that layoffs remain low. Although job growth slowed in June, the overall U.S. labor market remains relatively stable despite some cautious hiring by companies.Key Facts
- Weekly jobless claims dropped by 2,000 to 215,000 for the week ending July 4.
- Analysts had expected about 220,000 new claims.
- The unemployment rate fell from 4.3% in May to 4.2% in June, partly because some people stopped looking for work.
- Employers added only 57,000 jobs in June, less than half of the previous month's total.
- Layoffs have stayed mostly between 200,000 and 250,000 each week since the pandemic ended.
- Job growth slowed about two years ago, influenced by tariffs, federal job cuts, and high interest rates to fight inflation.
- Several large companies, including Microsoft, Verizon, UPS, Amazon, Disney, Starbucks, and Walmart, have recently cut jobs.
- Microsoft announced cutting 4,800 jobs, around 2.1% of its global workforce, including many in its Xbox division.
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