States reported that 233,000 workers filed for new unemployment benefits during the week ending Aug. 3, a decrease of 17,000 from the previous week’s revised level. Initial jobless claims had been on an upward track since June. The unemployment rate increased to 4.3% in July, the highest level since October 2021.
Takeaway for employers: The unemployment claims data is additional evidence of a sharp hiring slowdown, and some economists are warning of possible labor market deterioration. A resilient labor market has helped to avert a recession that many economists forecast during the flurry of interest rate hikes by the Federal Reserve that began in March 2022. But while unemployment claims have been slightly higher this summer, they remain at historically healthy levels.
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