States reported that 250,000 workers filed for new unemployment benefits during the week ending August 13, a decrease of 2,000 from the previous week's revised level. Unemployment claims have been trending up this year and are hovering near the highest level since Nov. 2021. Prior to that, jobless claims had been running around their lowest levels since the late 1960s. Sporadic layoffs and hiring freezes continue to be reported, primarily in the technology sector.
The number of workers continuing to claim unemployment benefits—1.4 million—is still well below the pre-pandemic average of 1.7 million.
The U.S. labor market continues to be remarkably strong, even against the headwinds of rising inflation and slowing economic growth. Hiring surged in July, with employers adding 528,000 jobs, while the unemployment rate fell to a 50-year low of 3.5 percent.