2023-06-08 15:24:00
Americans in front of a social assistance office (archive)
Thursday 8 June 2023 / 19:24
The number of new Americans filing for unemployment benefits increased last week, indicating a slowdown in the labor market as the risk of a recession increased.
The Labor Department said on Thursday that first-time applications for the benefit increased by 28,000, to a seasonally adjusted level, to 261,000 in the week ending June 3.
Economists polled by Archyde.com had expected 235,000 applications in the latest week.
The government said last week that “the economy added 339,000 jobs in May.”
Although the unemployment rate rose to the highest level in 7 months to 3.7% from 3.4% in April, it is still low by historical standards.
The data follows the release of the government’s monthly jobs report, which last week painted mixed signals regarding the direction of the labor market. While the United States recorded the largest increase in payrolls in May since the beginning of the year, unemployment rose, and wage growth slowed. This is partly because the report consists of two surveys, one of firms and the other of households, which reported different results.
Ohio, California and Minnesota led the rise in demands.
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