File - A hiring sign is displayed in Riverwoods, Ill., on April 16, 2024. –
Weekly filings for unemployment benefits, which are a proxy for layoffs, remain low by historic standards. But they started rising in May, adding to evidence that high interest rates are taking a toll on the U.S. job market. But the higher rates finally seem to be taking a toll. Employers added just 114,000 jobs in July, well below the January-June monthly average of nearly 218,000. The unemployment rate rose for the fourth straight month in July, though it remains low at 4.3%. Monthly job openings have fallen steadily since peaking at a record 12.2 million in March 2022. They were down to 8.2 million in June.
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