US applications for jobless claims fell by 26,000 to 239,000 for the week ending June 24. Economists were expecting the elevated claims numbers to continue above 260,000, where they had settled the past three weeks.
WASHINGTON — Applications for unemployment benefits fell significantly last week after claims appeared to stabilize at modestly elevated levels in recent weeks.
The four-week moving average of claims, which evens out some of the weekly fluctuations, rose by 1,500 to 257,500.Jobless claims in the previous three weeks had pushed closer to 300,000 after mostly being in the high 100,000 to low 200,000 range since the fall of 2021. Even so, that increase may not have been enough for Fed officials, who have said that the unemployment rate needs to rise well past 4% to bring inflation down.
U.S. employers added a surprising 339,000 jobs last month, well above expectations, painting a mostly encouraging picture of the job market, even as the unemployment rate rose to 3.7%. In April, employers posted 10.1 million job openings, up from 9.7 million in March and the most since January. Economists had expected vacancies to decline.
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