Josh Schafer·Reporter
Thu, Jun 27, 2024, 10:54 AM CDT3 min read
The number of continuing applications for unemployment benefits hit its highest level since November 2021 last week, furthering signs the labor market is cooling as unemployed workers struggle to find new jobs.
New data from the Department of Labor showed nearly 1.84 million claims were filed in the week ending June 22, up from 1.82 million the week prior. Meanwhile, the 4-week moving average of weekly jobless claims ticked higher by 3,000 to 236,000, the highest rate since September 2023.
LPL Financial chief economist Jeffrey Roach reasoned the data is "sending a warning sign that the labor market could be softening."
The key question for the Federal Reserve is whether this softening is yet another sign of normalization in the labor market or an indicator that higher interest rates could seriously harm the US economy.
An increasing number of economists believe that the risks lean toward a painful outcome.
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https://finance.yahoo.com/news/jobless-claims-data-show-warning-sign-for-the-us-labor-market-155410636.html
