As jobless claims hit highest level in a year, labor market remains healthy

The number of Americans filing for unemployment benefits jumped to its highest level in a year last week, even as the labor market remains surprisingly healthy in an era of high interest rates. Jobless claims for the week ending July 27 climbed by 14,000 to 249,000, from 235,000 the previous week, the Labor Department reported Thursday. It’s the most since the first week of August last year and the 10th straight week that claims have come in above 220,000.

On Wednesday, the Fed left its benchmark rate alone, but officials hinted strongly that a cut could come in September if the data remained on its recent trajectory. And recent data from the labor market suggest some weakening. The unemployment rate ticked up to 4.1% in June, despite the fact that America’s employers added 206,000 jobs. U.S. job openings also fell slightly last month.

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Fewer Americans apply for jobless claims last week as labor market remains sturdyFewer Americans filed for unemployment benefits last week as the labor market remains sturdy despite high interest rates. The Labor Department reported Thursday that jobless claims for the week ending July 6 fell by 17,000 to 222,000 from 239,000 the previous week.
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