US jobless claims fall to 238,000 from 10-month high
The number of Americans applying for unemployment benefits slipped last week
By PAUL WISEMAN AP economics writer
June 20, 2024, 7:38 AM
WASHINGTON -- The number of Americans applying for unemployment benefits slipped last week as the U.S. labor market remained resilient.
The Labor Department reported Thursday that jobless claims fell by 5,000 to 238,000 from a 10-month high of 243,000 the week before. The four-week average of claims, which evens out weekly ups and downs, rose by 5,500 to 232,750, highest since September.
Weekly unemployment claims — a proxy for layoffs — remain at low levels by historical standards, a sign that most Americans enjoy unusual job security. Still, after mostly staying below 220,000 this year, weekly claims have moved up recently.
“Layoffs are still low overall suggesting businesses remain reluctant to reduce headcount in large numbers,’’ said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “However, there has been a gradual increase in recent weeks that merits watching for signals about a more material weaking in demand for workers going forward.’’
Nearly 1.83 million people were collecting unemployment benefits the week of June 8, up by 15,000 the week before and the seventh straight weekly uptick.
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