US filings for jobless benefits rise to 197,000 last week, but layoffs remain historically low
Summary
The number of Americans filing for unemployment benefits rose slightly last week to 197,000, but layoffs remain low compared to historical levels. Although the U.S. job market is still healthy, rising energy prices and inflation could eventually lead companies to reduce their workforce.Key Facts
- Jobless claims increased by 9,000 to 197,000 in the week ending July 25.
- The previous week's claims were revised up to 188,000, the lowest level in over 50 years.
- Weekly jobless claims are a sign of layoffs and the job market’s health.
- High oil prices and the U.S.-Iran war have pushed fuel costs above $4 per gallon.
- Inflation remains high at 3.7%, above the Federal Reserve’s 2% target.
- The U.S. economy grew slowly at 1.5% in the April-June quarter.
- Employers added just 57,000 jobs in June, less than half of the previous month’s total.
- Some large companies like Verizon, UPS, Amazon, and Microsoft have recently cut jobs.
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