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(Bloomberg) – U.S. filings for unemployment benefits rose by the most in six weeks while still hovering near historically low levels that indicate a tight job market, Labor Department figures showed Thursday.
Highlights of Jobless Claims (Week Ended May 12)
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Job cuts mirror early pandemic levels, and more people than ever are working multiple jobs to keep up with economic needs.
The drop represents a positive change following a spike in unemployment over the summer.
Consumer demand stays steady amidst challenges such as storms and worker strikes.
The devastation caused by the hurricane, along with layoffs, have largely contributed to the jump.
The Federal Reserve’s ability to avert a downturn rests in part on just how long a post-pandemic irregularity can continue: labor hoarding. Even with interest rates at the highest level in more than two decades and signs of a cooling economy, businesses scarred by pandemic-era worker shortages have largely avoided layoffs. Instead, they’ve pulled back […]
