- July 21, 2022
- Posted by: Stratford Team
- Category: Economy
WASHINGTON (AP) — The number of Americans applying for unemployment benefits last week rose to the highest level in more than eight months in what may be a sign that the labor market is weakening.
Applications for jobless aid for the week ending July 16 rose by 7,000 to 251,000, up from the previous week’s 244,000, the Labor Department reported Thursday. That’s the most since Nov. 13, 2021 when 265,000 Americans applied for benefits.
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Analysts surveyed by the data firm FactSet expected the number to come in at 242,000.
First-time applications generally reflect layoffs.
The four-week average for claims, which smooths out some of the week-to-week volatility, rose by 4,500 from the previous week, to 240,500.
The total number of Americans collecting jobless benefits for the week ending July 9 rose by 51,000 from the previous week, to 1,384,000. That…