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Unemployment insurance claims continue to rise

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The number of insured unemployed individuals increased by 26,000 to 1,858,000, in the week ending June 29, the highest level since November 2021.

Seasonally adjusted initial unemployment claims reached 238,000, marking an increase of 4,000 from the previous week’s revised figure of 234,000.

These numbers were higher than expected, according to the Department of Labor, and are signs of a slowing job market.

The four-week moving average to 238,500, up by 2,250 from the previous week. Meanwhile, the seasonally adjusted insured unemployment rate held steady at 1.2% for the week ending June 22.

Unadjusted initial claims for the week ending June 29 totaled 238,149, marking a 5.8% increase from the prior week and surpassing expected seasonal trends, according to the DOL. The insured unemployment level increased by 75,090 to 1,823,032, exceeding seasonal projections.

The previous week’s total number of individuals receiving benefits was revised down by 7,000 to 1,832,000, while the four-week moving average climbed to 1,831,000, the highest since December 2021.

The Federal Reserve is expected to begin easing interest rates by September, which may provide relief to the jobs market, Bloomberg reported.

Fed chair Jerome Powell said on Tuesday at a European Central Bank Forum that the US is back on a deflationary path, but that more data is needed to cut interest rates.

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