Jobless Claims Edge Up Amid Tight Labor Market

Roy Maurer By Roy Maurer June 9, 2022
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​States reported that 229,000 workers filed for new unemployment benefits during the week ending June 4, an increase of 27,000 from the previous week's revised level. The number of workers continuing to claim unemployment benefits—1.3 million—is still well below the pre-pandemic average of 1.7 million.

Jobless claims have remained near pre-pandemic levels for months as employers have generally avoided laying off workers in historically high demand. It is being reported that some layoffs are starting to occur in the tech sector.

The unemployment rate held at 3.6 percent in May, close to what is considered full employment. And while employers are offering higher wages to attract talent, many on the sidelines are unmoved: the gap between job openings and available workers remained at 5.5 million in April, or about two jobs for every unemployed worker.

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