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The U.S. Labor Department reports the number of Americans filing for unemployment benefits increased modestly last week, but continuing claims have risen for the ninth consecutive week.
ABC News reports that although this increase might seem concerning at first glance, experts clarify that claims remain historically low — signaling a still-healthy labor market despite the challenges.
For the week ending June 29, jobless claims grew by 4,000 to 238,000 compared to the previous week.
The more significant concern lies with the total number of people collecting unemployment benefits, which has risen for the ninth consecutive week. The data shows the revised figure increased by 26,000 and has reached 1.86 million.
“This is the highest level for insured unemployment since November 27, 2021,” according to the report.
This continued rise in ongoing claims suggests that while fewer new people are filing for benefits, those who are already unemployed are having trouble securing new positions.
The four-week average of jobless claims, which smooths out week-to-week volatilities, rose by 2,250 to 238,500. Additionally, the unemployment rate increased to 4% in May, even as U.S. employers added a strong 272,000 jobs that month.
As the Federal Reserve prepares for its next policy meeting later this month, some investor sentiment is leaning towards the possibility of a rate cut in the near future. However, there is no strong consensus on a rate cut specifically in September. Analysts are keenly awaiting the June jobs report.
