Highest level since January.
The Labor Department reported that unemployment claims for the week ending on June 4 reached 229,000, increasing by 27,000 from the last period. The number, the highest in months, surpassed the Dow Jones estimate of 210,000.
The numbers are above their pre-pandemic average for the first time since January, adding to signs that the labor market could be starting to slow down.
The Federal Reserve is starting the process of a rate hiking cycle with the purpose of lowering inflation. Officials at the Fed intend to slow the labor market without risking an uptick in unemployment, which sits around 3.6 percent.
As the Lord Leads, Pray with Us…
- For the president and his administration as they implement labor policy.
- That Secretary Walsh would seek God’s direction as he heads the Labor Department.
- For officials in the Bureau of Labor Statistics as they assess and report employment data.
Sources: Wall Street Journal, Washington Examiner, CNBC
