The job market has remained strong even as the Federal Reserve has spent a full year attempting to cool off the economy by raising interest rates. But economists think that the recent banking turmoil may be what finally raises unemployment.
Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 264,000 for the week ended May 6, the highest reading since October 2021.
America's job market added 209,000 jobs in June -- down from the massive 339,000 jobs that were gained in May. Unemployment was little changed, at 3.6%.
New state unemployment benefit claims rose by 12,000 last week to 218,000, according to the Labor Department. A Reuters poll showed economists expected an increase to 210,000 initial claims for the week ended Dec. 23.
"If 88% of the states are reporting rising unemployment, how can it be that national unemployment remains stable at a very, very low level?" he further posited.
Civil rights activist Al Sharpton demanded that Mayor Eric Adams host a "summit" at City Hall to address high unemployment among black New Yorkers, while also fighting a movement to eliminate controversial corporate diversity, equity and inclusion...
US employers increased payrolls by a surprisingly strong 275,000 in February, but the unemployment rate edged higher among other signs that the economy is slowing down. The big monthly figure from the Labor Department surpassed the 198,000 job gains...