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New data from the U.S. Labor Department shows that jobless claims have climbed to November 2021 levels.
According to the report, jobless claims came to 251,000 during the week ending in July 16, significantly higher than the Dow Jones forecast of 240,000.
As a result, unemployment insurance filings reached their highest levels since November 13, indicating the demand for work is slowing down.
For instance, the Philadelphia Fed employment index fell by 9 points to 19.4, the lowest reading since May of last year.
Simultaneously, 78.6% of companies stated that they have increased wages over the last three months.
However, continuing unemployment claims also grew to 1.384 million, the highest seen since April 23. Over the last several months, nonfarm payroll has made strides in recovery, but inflation has caused this trend to cool down.
At the moment, the U.S. is at an economic crossroads. While many analysts and economists predict a downturn at the very least, a recession could be on the horizon as the Federal Reserve hikes interest rates to keep rising costs from climbing further.
Next week, the Fed is expected to raise interest rates once more. Although this move could stave off 40-year high inflation, it may also lead to a loss in jobs as companies lose borrowing power.
