Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Business and Economic News
The Associated Press
Washington

Fewer Americans applied for jobless benefits last week

A help wanted sign hangs on the door of a Target store in Uniontown, Pa.
A help wanted sign hangs on the door of a Target store in Uniontown, Pa.. The number of Americans applying for unemployment benefits last week rose to its highest level in more than eight months, a sign the labor market may be showing some weakness.
Gene J. Puskar | AP 2020

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

Fewer Americans applied for jobless benefits last week, but the previous week's number was revised upward significantly, with claims breaching the 250,000 level in back-to-back weeks for the first time in more than eight months.

Applications for jobless aid for the week ending July 23 declined by 5,000 to 256,000 from the previous week’s 261,000, the Labor Department reported Thursday. The number of claims for the week of July 16 was revised upward by 10,000 from the previous estimate of 251,000.

First-time applications generally reflect layoffs.

The four-week average for claims, which smooths out some of the week-to-week volatility, rose by 6,250 from the previous week, to 249,500. That number is also at its highest level since November of last year.

The total number of Americans collecting jobless benefits for the week ending July 16 fell by 25,000 from the previous week, to 1,359,000. That figure has been near 50-year lows for months.

Earlier this month, the Labor Department reported that employers added 372,000 jobs in June, a surprisingly robust gain and similar to the pace of the previous two months. Economists had expected job growth to slow sharply last month given the broader signs of economic weakness.

The unemployment rate remained 3.6 percent for a fourth straight month, matching a near-50-year low that was reached before the pandemic struck in early 2020.

Earlier in July the government reported that U.S. employers advertised fewer jobs in May amid signs that the economy is weakening, though the overall demand for workers remained strong. There are nearly two job openings for every unemployed person.

Though the labor market is still considered strong, other indicators are pointing to some weakness in the U.S. economy. The government said Thursday that the U.S. economy shrank 0.9 percent in the second quarter, the second straight quarterly contraction.

Consumer prices are still soaring, up 9.1 percent in June compared with a year earlier, the biggest yearly increase in four decades. In response, the Federal Reserve raised its main borrowing rate by another three-quarters of a point on Wednesday. That follows last month’s three-quarter point hike and a half-point increase in May.

Those higher rates have already sent home sales tumbling, made the prospect of buying a new car more burdensome and pushed credit card rates up.

All of those factors paint a divergent and confusing picture of the post-pandemic economy: Inflation is hammering household budgets, forcing consumers to pull back on spending, and growth is weakening, heightening fears the economy could fall into recession.

Though the labor market is still strong, there have been some high-profile layoffs announced recently by Tesla, Netflix, Carvana, Redfin and Coinbase.