x

Economy

Fewer Americans File for Jobless Aid

WASHINGTON — Fewer Americans applied for jobless benefits last week as the U.S. job market remains robust despite four-decade high inflation and a myriad of other economic pressures.

Applications for jobless aid for the week ending June 18 fell to 229,000, a decline of 2,000 from the previous week, the Labor Department reported Thursday. First-time applications generally mirror the number of layoffs.

The four-week average for claims, which smooths out some of the week-to-week volatility, rose by 4,500 from the previous week, to 223,500.

The total number of Americans collecting jobless benefits for the week ending June 11 was 1,315,000, up by 5,000 from the previous week. That figure has hovered near 50-year lows for months.

Much of the recent job security and wage gains that Americans have enjoyed recently has been offset by inflation levels not seen in four decades.

Earlier in June, the Labor Department reported that consumer prices surged 8.6% last month — even more than in April — from a year earlier. The Federal Reserve responded last week by raising its main borrowing rate — its main tool for fighting rising prices — by three-quarters of a point. That increase is on top of a half-point increase in early May.

Three weeks ago the government reported that U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure. Though the job growth in May was healthy, it was the lowest monthly gain in a year and there have been signs that more layoffs could be coming, at least in some sectors.

Jobless claims applications the past few weeks, though still relatively low, have been the highest since the first weeks of 2022.

Online automotive retailer Carvana said last month that it’s letting about 2,500 workers go, roughly 12% of its workforce. Online real estate broker Redfin, under pressure from a housing market that’s cooled due to higher interest rates, said last week that it was laying off 8% of its workers.

Those cuts have extended to companies in the cryptocurrency sector with prices for bitcoin and other digital assets cratering in recent months.

Crypto trading platform Coinbase Global said last week it planned to cut about 1,100 jobs, or approximately 18% of its global workforce, as part of a restructuring in order to help manage its operating expenses in response to current market conditions.

RELATED

GORMAN, Calif.  — Authorities evacuated at least 1,200 people Saturday as a wildfire in Los Angeles County spread over thousands of acres near a major highway and threatened nearby structures, officials said.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

1 of 2 Abducted Louisiana Children is Found Dead in Mississippi after Their Mother is Killed

JACKSON, Miss. (AP) — A Louisiana woman was found dead in her home Thursday, and her two young daughters were abducted and found hours later in Mississippi — one dead and the other alive, police said.

GELSENKIRCHEN, Germany  — Jude Bellingham scored to give England a winning start at the European Championship by beating Serbia 1-0 on Sunday.

BALTIMORE  — Gunnar Henderson hit his eighth leadoff homer of the season, and three more Orioles also went deep off Zack Wheeler to help Baltimore beat the Philadelphia Phillies 8-3 on Sunday.

OBBÜRGEN, Switzerland  — Nearly 80 countries called Sunday for the “territorial integrity” of Ukraine to be the basis for any peace agreement to end Russia’s two-year war, though some key developing nations at a Swiss conference did not join in.

ATHENS - Four years after the COVID-19 pandemic shut international travel and kept tourists away from Greece, the government now wants  to limit how many cruise ships can dock at popular islands because there are too many tourists.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.