The number has reached the highest since November of last year.
On Thursday, the Labor Department released its weekly report on the job market. For the week ending July 30, initial claims for unemployment benefits rose to 260,000, up by 6,000 from the previous week. While claims still remain near pre-pandemic lows, they have increased to the highest level since November as the job market slows down.
“We think initial claims are more likely to rise from current levels than decline, but we don’t expect a surge in new claims. While the labor market may be getting marginally cooler, overall demand for workers continues to exceed the supply,” wrote Nancy Vanden Houten, lead U.S. economist at Oxford Economics, in a Thursday analysis.
As the Lord Leads, Pray with Us…
- For discernment for Secretary Walsh as he oversees the Labor Department.
- For U.S. governing officials as they seek to support the job market.
- For the president and his administration as they promote organized labor.
Sources: Wall Street Journal, The Hill
