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Home News Workforce

U.S. Unemployment Filings Remain High

First-time filings for U.S. unemployment benefits were 264,000 last week, according to the Labor Department.

Dominic CatacorabyDominic Catacora
June 22, 2023
in Workforce
Reading Time: 2 mins read
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U.S. Unemployment Filings Remain High

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What’s going on:     

The Labor Department reported on Thursday that the first-time filings for unemployment benefits were 264,000 last week, according to Associated Press. The numbers for the previous two weeks marks the highest level since October 2021.  

Layoffs at companies within the technology sector, including IBM, Microsoft, Salesforce, Twitter, Lyft, LinkedIn, Spotify, and DoorDash, as well as non-tech companies like McDonald’s, Morgan Stanley, and 3M are said to have an impact on this unemployment.   

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Why it matters:     

Unemployment claims have spiked, which may be a sign that the Federal Reserve’s previous rate hikes were leading to a slowdown in the labor market.  

How it’ll impact the future:       

If unemployment claims continue to remain high, this could affect job security and other opportunities in the U.S. labor market. The Federal Reserve’s ongoing campaign to combat inflation might also be contributing to this trend.  

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It may indicate a slower economic recovery, and businesses might adopt a more cautious approach to hiring. This in turn can result in prolonged job search periods and increased competition for available positions. Additionally, a slowdown in the labor market may result in increased competition for available jobs, which may potentially lead to lower wages.  

Source: WI Proud
Tags: Work-life
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Dominic Catacora

Dominic Catacora

Dominic Catacora is a Staff Writer for Allwork.space. He is based in Pittsburgh, PA. He graduated from Radford University in 2017 with a Bachelor of Science degree in Media Studies - Journalism. He has previously covered the Historic Triangle as a journalist living in Williamsburg, Va, and is now focused on writing related to the future of work.

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