US weekly jobless claims increase more than expected

WASHINGTON - The number of Americans filing new claims for unemployment benefits increased more than expected last week as the labor market steadily eases.

The labor market is steadily rebalancing in the wake of 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 to dampen demand in the overall economy. The economy added the fewest jobs in six months in April, while job openings dropped to a three-year low in March, the government reported last week.

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