There are growing signs that demand for labor is cooling, with layoffs surging to a 16-month high in June.
Signage for a job fair is seen on 5th Avenue after the release of the jobs report in Manhattan, New York CityWASHINGTON - The number of Americans filing new claims for unemployment benefits unexpectedly rose last week and there are growing signs that demand for labor is cooling, with layoffs surging to a 16-month high in June as the Federal Reserve's aggressive monetary policy tightening stokes recession fears.
Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 235,000 for the week ended July 2, the highest level since January. Economists say claims need to rise above 250,000 on a sustained basis to raise concerns about the labor market's health.Unadjusted claims increased 11,919 to 219,507 last week. Claims for California, which saw a big jump in applications, were estimated as were those for Connecticut, Kansas, Louisiana, Nebraska, Tennessee and Virginia.
Slowing demand for workers was reinforced by a separate report from global outplacement firm Challenger, Gray & Christmas on Thursday showed layoffs announced by U.S.-based employers accelerated 57% to 32,517 in June, the highest since February 2021. Job cuts surged in the automotive, consumer products, entertainment, financial and real estate sectors.
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