The number of Americans applying for jobless benefits rose last week, but remains at healthy levels despite the Federal Reserve's attempt to cool the labor market by raising interest rates.
File - A hiring sign is shown in Wheeling, Ill., Sunday, March 19, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week.
U.S. applications for jobless claims rose by 12,000 to 248,000 for the week ending July 1, from 236,000 previous week, the Labor Department reported Thursday. The U.S. economy has added jobs at a furious pace since more than 20 million jobs vanished when the COVID-19 pandemic hit in the spring of 2020. Americans have enjoyed unusual job security as companies have been reluctant to shed staff in a worker-friendly labor environment.in May, surprising economists and painting a mostly encouraging picture of the labor market, even though the unemployment rose to a still-healthy 3.7%.
However, the payroll processor ADP on Thursday said its survey showed employers added 497,000 jobs in June, nearly twice as many as analysts were expecting. That sent markets lower before the bell on the perception that the odds of new rate hikes just went up when the Fed meets later this month.
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