The number of Americans applying for unemployment benefits slipped last week as the U.S. labor market remained resilient. The Labor Department reported June 20 that jobless claims fell by 5,000 to 238,000 from a 10-month high the week before. Employers added 206,000 jobs in June, a gradual cooldown from the previous month and the latest sign that the U.S. economy is settling after four years of breakneck growth.
That follows a surprise burst of 272,000 new jobs in May that reignited concerns that the Federal Reserve would need to keep interest rates higher for longer to stamp out inflation. But overall, economists say there are enough signs of a broader slowdown in hiring, job postings and wage growth to point to a hardy but gradually slowing job market.
“It doesn’t look like it’s heating up or presenting a big problem for inflation going forward,” Powell said at the European Central Bank’s annual meeting on Tuesday. “It looks like it’s doing just what you would want it to do, which is to cool off over time.”contracted in June for the sixth time in seventh months. And unemployment claims ticked up again last week, the ninth straight increase, in a sign that it’s taking people longer to find jobs.
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