A hiring sign is displayed at a retail store in Downers Grove, Ill., Wednesday, April 12, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week.(AP Photo/Nam Y. Huh)
The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s rate hikes are beginning to cool a surprisingly resilient labor market.
U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported Thursday. That’s slightly more than analysts were expecting. The claims numbers for the past two weeks are the highest since October of 2021.
The four-week moving average of claims, which smooths out some of the week-to-week volatility, rose by 8,500 to 255,750. That’s the highest level since November of 2021.
Overall, 1.76 million people were collecting unemployment benefits the week that ended June 10, about 13,000 more than the previous week.
