The number of Americans filing initial jobless claims rose to a six-month high last week, government data show, while a separate report showed that the number of job cuts jumped 57 percent month-over-month in June, suggesting demand for labor is cooling.
Initial filings for state unemployment benefits increased 4,000 to a seasonally adjusted 235,000 for the week ended July 2, the Labor Department said in a July 7 report (pdf).
That’s the highest level of initial claims since mid-January 2022, while pushing the four-week moving average up to 232,500, the highest since early December 2021.
While the numbers suggest some clouding of the job market, they’re not yet ringing recessionary bells, some analysts said….