The number of Americans applying for unemployment benefits last week hit its highest level in nearly 8 months, but the total number of those collecting benefits fell.
Applications for jobless aid for the week ending July 9 rose by 9,000 to 244,000, up from the previous week’s 235,000, the Labor Department reported Thursday. First-time applications generally reflect layoffs. Analysts had expected the number to remain flat from the previous week.The four-week average for claims, which evens out some of the week-to-week volatility, rose by 3,250 from the previous week, to 235,750.
The unemployment rate remained 3.6% for a fourth straight month, matching a near-50-year low that was reached before the pandemic struck in early 2020. On Wednesday, the government said that consumer prices soared 9.1% compared with a year earlier, the biggest yearly increase since 1981. From May to June, prices rose 1.3%, another huge increase, after prices had surged 1% from April to May.
All of those figures reflect the unusual nature of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession.
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