US weekly jobless claims fall, but total recipients highest since 2021

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US weekly jobless claims fall, but total recipients highest since 2021 - Business Standard

Quick Summary:

Fewer people applied for unemployment benefits last week but the total number of Americans collecting jobless benefits rose to the highest level in more than two years.

However, the total number of Americans collecting unemployment benefits rose for the eighth straight week, to 1.84 million, for the week of June 15.

The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an attempt to extinguish the four-decade high inflation that shook the economy after it rebounded from the COVID-19 recession of 2020.