BUSINESS + ECONOMY

Weekly US applications for unemployment aid remain elevated

Jun 22, 2023, 7:02 AM | Updated: 7:10 am

Mandatory Credit: Photo by JUSTIN LANE/EPA-EFE/Shutterstock (12546781f)
A person walks past a sign ...

Mandatory Credit: Photo by JUSTIN LANE/EPA-EFE/Shutterstock (12546781f) A person walks past a sign advertising job openings in a retail store in New York, New York, USA, 20 October 2021. The U.S. economy is continuing to struggle with the ongoing effects of the coronavirus pandemic as the U.S. Labor Department reporting weaker than expected job growth in September, in part because of difficulties filing open jobs, as well as ongoing concerns about inflation and supply chain disruptions. COVID-19 Pandemic Still Effecting US Economy, Hiring, New York, USA - 20 Oct 2021

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(AP) — The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s rate hikes are beginning to cool a surprisingly resilient labor market.

U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported Thursday. That’s slightly more than analysts were expecting. The claims numbers for the past two weeks are the highest since October of 2021.
The four-week moving average of claims, which smooths out some of the week-to-week volatility, rose by 8,500 to 255,750. That’s the highest level since November of 2021.

Overall, 1.76 million people were collecting unemployment benefits the week that ended June 10, about 13,000 more than the previous week.

Related: Utah’s job growth gets a boost in May, unemployment remains low

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Weekly US applications for unemployment aid remain elevated