The number of Americans filing continuing claims for unemployment benefits rose for the ninth straight week, the longest streak since 2018, suggesting more people are having trouble finding new jobs.
The number of people continuing to claim unemployment benefits rose to 1.86 million in the week ended June 22, the highest level since November 2021, according to Labor Department data released Wednesday. Initial claims for unemployment benefits rose 4,000 last week to 238,000.
The level of continuing claims suggests that economic growth is slowing under the weight of high borrowing costs, limiting demand for labor. At the same time, initial jobless claims indicate a gradual increase in layoffs.
Friday's monthly employment report is expected to show that nonfarm payrolls increased by 190,000 in June, indicating a decline after an increase of 272,000 the previous month.
There are scattered signs that companies are laying off workers as a result of cost-cutting and a weaker economy. U.s.-based staffing firm Challenger, Gray & Christmas Inc. U.S. employers announced 48,786 job cuts in June. Excluding the peak of the coronavirus epidemic in 2020, this is the highest for the same period in a calendar year since 2009.
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