The Number Of Americans Filing For First-Time Jobless Benefits Hits Highest Since Oct 2021

The Number Of Americans Filing For First-Time Jobless Benefits Hits Highest Since Oct 2021
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264,000 Americans filed for jobless benefits for the first time last week – the highest number since October 2021…

California, New Jersey, and Connecticut saw the largest jump in initial claims as perhaps the tech layoffs are starting to register (as severance packages run dry)…

The unemployment rate in the US increased to 3.7 percent in May 2023, the highest since October 2022 and above market expectations of 3.5 percent. Despite this uptick, the jobless rate remained historically low and suggested the labor market remained tight. The number of unemployed people increased by 440 thousand to 6.10 million and employment levels declined by 310 thousand to 160.72 million. The so-called U-6 unemployment rate, which also includes people who want to work, but have given up searching and those working part-time because they cannot find full-time employment, rose to 6.7 percent in May, also above forecasts of 6.6 percent. 

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