US Jobless Claims Rise As Planned Layoffs Soar

US Jobless Claims Rise, As Planned Layoffs Soar.

According to economic data released July 7, weekly jobless claims in the United States have edged higher.

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NBC reports that initial filings for unemployment benefits reached 235,000 the week ending July 2.

That was a gain of 4,000 from the previous period and higher than the Dow Jones estimated.

The number of filings reached its highest point since January.

According to NBC, it also raised the four-week moving average to 232,500, the highest since December 2021.

According to NBC, it also raised the four-week moving average to 232,500, the highest since December 2021.

Meanwhile, continuing claims rose 51,000 to reach 1.375 million, above FactSet estimates of 1.337 million.

Challenger, Gray & Christmas reported that planned layoffs skyrocketed to 32,517, a 57% increase from the same period in 2021.

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According to the job placement firm, the auto industry alone announced 10,198 job cuts.

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That brings the yearly total to 15,578, a 155% increase from the same time in 2021.

Employers are beginning to respond to financial pressures and slowing demand by cutting costs.

While the labor market is still tight, that tightness may begin to ease in the next few months, Andrew Challenger, Challenger, Gray & Christmas senior vice president, via NBC.

Employers are beginning to respond to financial pressures and slowing demand by cutting costs.

While the labor market is still tight, that tightness may begin to ease in the next few months, Andrew Challenger, Challenger, Gray & Christmas senior vice president, via NBC