US Jobless Claims Rise As Planned Layoffs Soar

US Jobless Claims Rise, As Planned Layoffs Soar.
According to economic data released
July 7, weekly jobless claims in the
United States have edged higher. .
NBC reports that initial filings
for unemployment benefits reached
235,000 the week ending July 2.
That was a gain of 4,000 from
the previous period and higher
than the Dow Jones estimated.
The number of filings reached
its highest point since January.
According to NBC, it also raised
the four-week moving average to 232,500,
the highest since December 2021.
According to NBC, it also raised
the four-week moving average to 232,500,
the highest since December 2021.
Meanwhile, continuing claims rose
51,000 to reach 1.375 million, above
FactSet estimates of 1.337 million.
Challenger, Gray & Christmas reported
that planned layoffs skyrocketed to 32,517,
a 57% increase from the same period in 2021. .
According to the job placement firm,
the auto industry alone
announced 10,198 job cuts. .
That brings the yearly total
to 15,578, a 155% increase
from the same time in 2021.
Employers are beginning to respond
to financial pressures and slowing demand
by cutting costs. While the labor market
is still tight, that tightness may begin
to ease in the next few months, Andrew Challenger, Challenger, Gray & Christmas
senior vice president, via NBC.
Employers are beginning to respond
to financial pressures and slowing demand
by cutting costs. While the labor market
is still tight, that tightness may begin
to ease in the next few months, Andrew Challenger, Challenger, Gray & Christmas
senior vice president, via NBC