?States reported that 244,000 workers filed for new unemployment benefits during the week ending July 9, an increase of 9,000 from the previous week’s level. The number of workers continuing to claim unemployment benefits—1.3 million—is well below the pre-pandemic average of 1.7 million.
Jobless claims have remained near pre-pandemic levels since early this year, as employers have generally avoided laying off workers due to historically high demand. But claims have slowly climbed since hitting a 53-year low this spring and it is being reported that more layoffs are being planned. Job cuts have accelerated from the technology sector into the automotive, consumer products, entertainment, financial and real estate sectors.
U.S. employers added 372,000 jobs in June, and the unemployment rate held at 3.6 percent, despite fears of a looming recession.