Recurring applications for US jobless benefits rose for a ninth straight week in the longest stretch since 2018, indicating a growing number of people are having difficulty finding a new job. Continuing claims, a proxy for the number of people receiving benefits, increased to 1.86 million in the week ended June 22, the highest since November 2021, according to Labour Department data released Wednesday. First-time claims rose by 4 000 to 238 000 last week.
The monthly employment report on Friday is projected to show a 190 000 increase in June payrolls, representing a modest downshift in hiring after a 272 000 advance in the prior month. There are scattered signs that companies are paring headcounts due to cost-cutting and softer economic conditions. US-based employers announced 48 786 job cuts in June, according to Challenger, Gray & Christmas Inc.