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U.S. jobless claims applications fall as labor market continues to show resiliency

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The U.S. labor market continues to flex its muscle, as applications for jobless claims fell again last week and remain at healthy levels despite high interest rates and elevated inflation.

A hiring sign is displayed outside a hardware store in Buffalo Grove, Ill., Sunday, July 9, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week

The four-week moving average of claims, which softens some of the week-to-week volatility, rose by 2,750 to 234,250.Troubling levels of inflation moved the Federal Reserve to raise interest rates at a breakneck pace for the past year-and-a-half: the central bank raised its benchmark rate 11 times to the current 5.4%, a 22-year high.

Job openings in June fell below 9.6 million, the fewest in more than two years. However, the numbers remain unusually robust considering monthly job openings never topped 8 million before 2021.

 

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