Initial claims for state unemployment benefits jumped 9,000 to a seasonally adjusted 244,000 for the week ended July 9, the Labor Department said today.
There have been reports of layoffs in the interest rate-sensitive housing and manufacturing industries. Despite some loss of momentum, demand for labor remains fairly strong. The US Federal Reserve is expected to raise its policy rate by another 75 basis points at the end of this month, a call that was bolstered by annual consumer prices surging 9.1% in June, the largest increase since November 1981.
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