Jobless claims tick up to 235,000
Last week marked the highest number of weekly claims since January, a sign that the labor market may be facing some turbulence, although the figure is still quite low historically speaking.The level of weekly jobless claims, reported Thursday by the Department of Labor, indicates that layoffs continue to be infrequent as employers work to hold on to employees, fearful of having to find replacements.
Around this time in July of 2021, new claims were averaging over 400,000 per week. The lowest number of recent jobless claims was the 166,000 tallied in mid-March. That represents the lowest number of new weekly claims since 1968. Another sign of tightness in the labor market came on Wednesday when the Bureau of Labor Statistics released a report that showed there is still a high supply of job openings across all sectors of the economy — 11.3 million total.
Inflation has been the biggest economic detriment this year, with consumer prices increasing by a blistering 8.6% annually for the month of May. In order to tamp down prices, the Federal Reserve is working to raise interest rates and slow down demand, a move that could lead to a recession.
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