The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s been a resilient job market
ByMATT OTT AP Business Writer
A hiring sign is displayed at a retail store in Downers Grove, Ill., Wednesday, April 12, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week.(AP Photo/Nam Y. Huh)
The Associated Press
The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve's interest rate hikes over the past year may taking hold in what's proved to be a resilient job market.
U.S. applications for jobless claims were 262,000 for the week ending June 10, the Labor Department reported Thursday, more than analysts were expecting. This week's number mirrors last week's, which was revised up by 1,000. The claims numbers for the past two weeks are the highest since October of 2021.
The four-week moving average of claims, which flattens some of the week-to-week fluctuations, rose by by more than 9,000 to 246,750. That's the highest level since November of 2021.
Overall, 1.78 million people were collecting unemployment benefits the week that ended June 3, about 20,000 more/fewer than the previous week.
