While the number of Americans filing for the first time for unemployment benefits continues to hover in the mid-230,000 range, the number of workers continuing to collect assistance is climbing.
According to statistics released by the Labor Department, the number of Americans filing for unemployment benefits for the week ending June 29 rose to 238,000. That’s a 4,000-application increase from the 234,000 who filed the previous week.
However the total number of Americans collecting unemployment benefits rose for the ninth straight week, climbing to 1.86 million. That’s the highest total since November 2021.
According to a report by the Associated Press, economists are saying that while the number of new people applying for jobless aid each week remains relatively modest, some who are receiving benefits are finding it harder to land new jobs. That suggests that demand for workers is waning, even as the economy remains strong.
Combined with recent data showing that inflation continues to ease, that could point to the so-called “soft-landing” the Federal Reserve was aiming for when it began its rate-hiking campaign.
The four-week average of claims, which evens out some of the week-to-week volatility, also continued to climb, rising by 2,250 to 238,500.
