Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Clear Night 62° Clear
News >  Business

U.S. jobless claims were little changed near a five-month high

June 23, 2022 Updated Thu., June 23, 2022 at 4:32 p.m.

A representative conducts an interview during a job fair in Detroit on Feb. 25, 2022.   (Bloomberg )
A representative conducts an interview during a job fair in Detroit on Feb. 25, 2022.  (Bloomberg )
By Reade Pickert Bloomberg

Applications for unemployment insurance in the U.S. last week plateaued near a five-month high, suggesting tightness in the labor market may be starting to ease.

Initial unemployment claims decreased by 2,000 to 229,000 in the week ended June 18, Labor Department data showed Thursday.

The prior week’s figure was revised up slightly. The median estimate in a Bloomberg survey of economists called for 226,000 applications.

The jobless claims four-week moving average, a measure which smooths out some of the volatility in the series, increased to 223,500, the highest since late January.

While the labor market remains strong and unemployment low, there are some signs of softening.

Several companies, including JPMorgan Chase and Coinbase Global Inc., have announced layoffs in recent weeks.

Meantime, recession fears are growing after the Federal Reserve raised interest rates by the most since 1994 and signaled further tightening in an effort to tame inflation.

On an unadjusted basis, initial claims also fell slightly. Applications decreased in Illinois and Florida, while increasing in Michigan.

Continuing claims for state benefits were also little changed at 1.32 million in the week ended June 11.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe now to get breaking news alerts in your email inbox

Get breaking news delivered to your inbox as it happens.