I wrote “surge” in quotation marks because, while 12% week-over-week increase IS significant the total number is still low, (261,000.)
Historically, that number rises very suddenly at the beginning of a recession, (so don’t go maxing out your credit cards just yet), but the total number would be higher than 261,000.
AP (via Yahoo)
US applications for jobless benefits highest since October 2021
Thu, June 8, 2023 at 8:43 AM EDT
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy.The Labor Department reported Thursday that U.S. applications for jobless claims were 261,000 for the week ending June 3, an increase of 28,000 from the previous week’s 233,000. Weekly jobless claims are considered representative of U.S. layoffs.
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From Bloomberg
US Jobless Claims Surge to 261,000, Highest Since October 2021
June 8, 2023 at 8:33 AM EDT
Applications for US unemployment benefits jumped last week to the highest level since October 2021, suggesting mounting layoff announcements are starting to translate into job cuts.
Initial jobless claims rose by 28,000 to 261,000 in the week ended June 3, a Labor Department report showed Thursday. The median forecast in a Bloomberg survey of economists called for 235,000 applications.
