US filings for jobless benefits rise to 199,000 last week, but layoffs remain historically low
Summary
The number of Americans applying for unemployment benefits rose slightly to 199,000 last week, but layoffs remain at a low level compared to recent years. Hiring growth slowed in June, and the unemployment rate dropped slightly as fewer people looked for work.Key Facts
- Weekly jobless claims increased by 1,000 to 199,000 for the week ending August 1.
- The previous week’s claims were revised up by 1,000 to 198,000.
- Layoffs remain low compared to historical data from past years.
- The unemployment rate fell from 4.3% in May to 4.2% in June, largely because some unemployed people stopped looking for jobs.
- Employers added only 57,000 jobs in June, less than half the previous month’s total.
- The Federal Reserve’s preferred inflation measure, PCE, was 3.7% in June, above the 2% target.
- Elevated inflation may lead the Federal Reserve to raise interest rates, which could make hiring more costly for businesses.
- Companies like Verizon, UPS, Amazon, Disney, Starbucks, Walmart, and Microsoft have recently reduced their workforces.
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