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Initial Jobless Claims Come in Higher Than Expected This Week

Tiger Newspress2022-07-07

Initial jobless claims unexpectedly edged higher last week in a potential sign the labor market may be moderating amid tighter financial conditions. The print comes ahead of the government's monthly employment report for June due out Friday.

First-time filings for unemployment insurance in the U.S. totaled 235,000 for the week ended July 2, increasing by 4,000 from the prior week's reading of 231,000 claims, the Department of Labor said Thursday. Economists surveyed by Bloomberg had expected the latest reading to come in at 230,000.

This marked the highest weekly total since the week ended January 15, 2022.

Demand for labor is gradually cooling. A separate report from global outplacement firm Challenger, Gray & Christmas on Thursday showed layoffs announced by U.S.-based employers jumped 57% to 32,517 in June, the highest since February 2021.

Job cuts increased 39% to 77,515 in the second quarter from the January-March period. But layoffs in the first half of the year were the lowest since 1993.

"Employers are beginning to respond to financial pressures and slowing demand by cutting costs," said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. "While the labor market is still tight, that tightness may begin to ease in the next few months."

Job cuts surged in the automotive, consumer products, entertainment, financial and real estate industries.

Stock-index futures remain higher after economic data.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment18

  • Kerrisdale
    ·2022-07-08
    Yes. Like. 
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  • 娜神宝宝
    ·2022-07-07
    👍 
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  • BKT
    ·2022-07-07
    Pls like thanks 
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  • Chung88
    ·2022-07-07
    A
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  • Botak Tur
    ·2022-07-07
    Ok
    Reply
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  • Botak Tur
    ·2022-07-07
    K
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  • psion
    ·2022-07-07
    Like and comment pl
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  • Zeenath
    ·2022-07-07
    Let's see bro 😀
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  • Remotecam
    ·2022-07-07
    Bad news is good news.  People losing jobs and consumption destruction is gaining momentum.  Therefore cooling inflation.And yet being in the Earnings season, we're all hoping the company we invested in will increase or at least maintain their double digit earnings growth. Do you see our problem here? 
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  • Andy Fong
    ·2022-07-07
    Ok
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  • YnWa
    ·2022-07-07
    It is evil but it is good for inflation.. unfortunately. [Comfort] 
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  • Zambala108
    ·2022-07-07
     [Sad] [Sad] [Sad] [LOL] [Facepalm] 
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  • Mr Mooney
    ·2022-07-07
    Stock will go up tonight. Inflation is slowly coming down
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  • YewKhoon
    ·2022-07-07
    Like pls 
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  • Icecream29
    ·2022-07-07
    ok
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  • TigerHulk
    ·2022-07-07
    Jobless rates rise means more people have no jobs. More people have no jobs means no good.
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  • yeo
    ·2022-07-07
    Huat
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  • Taishu1234
    ·2022-07-07
    Hi
    Reply
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