Increase in U.S. Unemployment Claims

SOURCE www.breitbart.com
The number of Americans applying for unemployment benefits unexpectedly rose by 20,000 to 243,000 last week, with claims in Texas spiking after Hurricane Beryl. Jobless claims are still relatively low by historical standards but have increased somewhat in recent months, signaling a cooling labor market.

Key Points

  • Unemployment claims rose by 20,000 to 243,000 last week
  • Claims in Texas increased after Hurricane Beryl
  • Jobless claims are a proxy for layoffs and have climbed in recent months
  • The four-week moving average of claims is at 234,750
  • Continuing claims rose by 20,000 to 1,867,000

Pros

  • Provides insight into the current state of the labor market
  • Can help policymakers make decisions regarding economic support

Cons

  • Higher unemployment claims indicate potential job losses and economic challenges