New applications for U.S. unemployment insurance benefits rose 12,000 for the week ending July 1 to a seasonally adjusted 248,000. The previous week’s figure was revised down by 3,000 to 236,000. The four-week moving average as of July 1 fell 3,500 from the previous week’s revised average to 253,250.
The number of continuing unemployment insurance claims, which refers to the number of unemployed workers who filed for benefits at least two weeks ago and are actively receiving unemployment benefits, fell 13,000 from the previous week’s revised number to a seasonally adjusted 1.72 million for the week ending June 24. Reporting for continuing claims lags one week.
Unemployment increased to 3.6% whereas people who are working part-time for economic reason are up 452,000 to 5.4 million in June, according to the U.S. Bureau of Labor and Statistics.
Many Americans continue to struggle due to the rising cost in inflation as many have fled from California and New York flee from their home states due to economic reasons.
As jobs have maintained a growth and a decline in June, the Federal Reserve is expected raise the interest rate
“While the economy will struggle in response to the Fed’s actions … slow growth will bring down inflation without precipitating a recession,” said Scott Hoyt, a senior economist at Moody’s Analytics in West Chester, Pennsylvania.
Unemployment insurance is a joint federal and state program that provides temporary monetary benefits to eligible laid-off workers who are actively seeking new employment. Qualifying individuals receive unemployment compensation as a percentage of their lost wages in the form of weekly cash benefits while they search for new employment.
The federal government oversees the general administration of state unemployment insurance programs. The states control the specific features of their unemployment insurance programs, such as eligibility requirements and length of benefits.
“Health care added 41,000 jobs in June. Job growth occurred in hospitals (+15,000),
Nursing and residential care facilities (+12,000), and home health care services
(+9,000). Offices of dentists lost 7,000 jobs. Health care has added an average of
42,000 jobs per month thus far this year, similar to the average gain of 46,000 per
month in 2022,” said in the Bureau of Labor and Statics report.
Employment had continued to decline in building and gardening equipment as motor parts and dealers had added about 6,000 jobs.
Produced in association with Ballotpedia
Edited by Alberto Arellano and Joseph Hammond
