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The US jobs rate remains stable despite inflation talks and growing fears of a recession

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Unemployment insurance claims in the US plateaued near a five-month high last week, suggesting the tightness in the job market is beginning to ease.

Jobless claims fell by 2,000 to 229,000 in the week ended June 18, Labor Department data showed on Thursday. The number from the previous week was revised slightly upwards. The median estimate of a Bloomberg survey of economists assumes 226,000 applications.

The four-week moving average of jobless claims, a measure smoothing some of the volatility in the series, rose to 223,500, its highest level since late January.

While the labor market remains strong and unemployment low, there are some signs of a slowdown. Several companies, including JPMorgan Chase and Coinbase Global, have announced layoffs in recent weeks. Meanwhile, recession fears are mounting after the Federal Reserve hiked rates the most since 1994 and signaled further tightening to rein in inflation.

Initial claims also fell slightly on an unadjusted basis. Applications fell in Illinois and Florida while increasing in Michigan.

Current entitlements to government benefits were also little changed for the week ended June 11 at 1.32 million.

https://www.independent.ie/business/world/us-jobs-rate-holds-steady-despite-inflation-talk-and-growing-recession-fears-41784212.html The US jobs rate remains stable despite inflation talks and growing fears of a recession

Fry Electronics Team

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