By Arab Desk
The Labor Department said Thursday that new first-time jobless claims rose 22,000 to a seasonally-adjusted level of 264,000 in the week ending May 6, the highest figure. highest since October 2021.
Economists polled by Reuters had forecast 245,000 claims last week.
A significant increase in the number of applications is expected in the second half of the year as the cumulative effects of US Federal Reserve rate hikes on the economy grow.
However, the number of applications is still below the level of 270,000 to 300,000, which economists say indicates a deterioration in the labor market.
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Source: US unemployment benefits are at their highest level since late 2021
Category: News, World, unemployment benefits, US unemployment
