Fewer Americans apply for jobless benefits, labor market still showing strength

  • 📰 YahooNews
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 59%

Business News News

Business Business Latest News,Business Business Headlines

“We expect jobless claims will resume their upward trend as the economy weakens and enters a mild recession in the second half of the year, and as layoffs become more widespread,” wrote economist Nancy Vanden Houten.

Fewer Americans applied for jobless benefits last week following a previous spike that many analysts took as a sign that higher interest rates were finally cooling the labor market.

While news of the fraudulent Massachusetts numbers made the hand-wringing over last week's jump in claims seem overblown, economists still expect a slow uptick in layoffs in the second half of 2023. Overall, 1.8 million people were collecting unemployment benefits the week that ended May 6, about 8,000 fewer than the previous week.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 380. in BUSİNESS

Business Business Latest News, Business Business Headlines