AP

US unemployment claims rise by 14,000 to 262,000

Aug 11, 2022, 5:39 AM | Updated: 6:52 am

WASHINGTON (AP) — The number of Americans who signed up for unemployment benefits rose last week to the highest level since November, though the U.S. job market continues to show signs of strength.

Applications for jobless aid climbed by 14,000 to 262,000 and now have risen five out of the last six weeks, the Labor Department reported Thursday.

The four-week average for claims, which smooths out weekly ups and downs, rose by 4,500 to 252,000, also the highest since November.

The number of Americans collecting traditional unemployment benefits increased by 8,000 the week that ended July 30 to 1.43 million, highest since early April.

Unemployment applications are a proxy for layoffs and are often seen as an early indicator of where the job market is headed.

So far this year, hiring in the United States has been remarkably strong and resilient in the face of rising interest rates and weak economic growth.

The Labor Department reported last week that U.S. employers added 528,000 jobs last month, more than double what forecasters had expected. The unemployment rate dipped to 3.5% in July, tying a 50-year low reached just before coronavirus pandemic slammed the U.S. economy in early 2020.

The United States recovered with unexpected strength from 2020’s COVID-19 recession, leaving businesses scrambling to find enough workers.

But the U.S. economy faces challenges. Consumer prices have been surging, rising 8.5% in July from a year earlier — down slightly from June’s 40-year high 9.1%. To combat inflation, the Federal Reserve has raised its benchmark short-term interest rate four times this year.

Higher borrowing costs have taken a toll. The economy contracted in the first half of the year — one rule of thumb for the onset of a recession. But the strength of the job market is inconsistent with an economic downturn.

“Demand for labor remains quite strong,´´ economists Thomas Simons and Aneta Markowska of Jefferies wrote Thursday. “The modest pickup in claims suggests that turnover may be increasing in weaker firms that are struggling with slowing growth.´´

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

An Apache group that has fought to protect land it considers sacred from a copper mining project in...

Associated Press

A US appeals court ruling could allow mine development in central Arizona on land sacred to Apaches

An Apache group that has fought to protect land from a copper mining project in central Arizona suffered a significant blow.

3 hours ago

On Friday, March 1, 2024, the U.S. Food and Drug Administration said yogurt sold in the U.S. can ma...

Associated Press

Eating yogurt may reduce risk of type 2 diabetes, FDA says

Eating at least two cups of yogurt a week might reduce the risk of type 2 diabetes, the U.S. Food and Drug Administration said.

5 hours ago

Arizona will not approve new housing construction on the fast-growing edges of metro Phoenix that r...

Associated Press

Arizona Senate passes plan to manage rural groundwater, but final success is uncertain

A plan to manage rural groundwater passed the Arizona Senate amid concerns about the availability of sufficient water for future generations.

2 days ago

A woman pauses while shopping at a Kohl's store in Clifton, N.J., Jan. 26, 2024. On Thursday, Feb. ...

Associated Press

Federal Reserve’s preferred inflation gauge picked up last month in sign of still-elevated prices

An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month.

3 days ago

This undated image provided by Mikel Desmond shows his brother Marcus Tessier, who turned up in Dem...

Associated Press

Missing teen with autism found in New Mexico, about 200 miles away from his Arizona home

A missing teen with autism has been found in New Mexico — about 200 miles away from his home in southern Arizona.

3 days ago

A newly released report on last year’s fatal crash involving a pickup truck and a group of bicycl...

Associated Press

Report suggests steering of vehicle that caused fatal Goodyear bicycle crash worked fine

A new report on last year’s fatal Goodyear bicycle crash has cast doubts about the driver’s claim the vehicle’s steering locked up.

4 days ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

...

Canvas Annuity

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

US unemployment claims rise by 14,000 to 262,000