Jobless Claims Rise Slightly but Remain Low, Signaling Slowdown but Still Strong Labor Market
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Jobless claims rose by 5,000 last week to 217,000, a 7-week high, suggesting some cooling in the US labor market.
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Claims remain very low overall and indicate a stable economy. Claims above 300,000 typically signal a recession.
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Raw or unadjusted claims remained under 200,000 for the 11th straight week, an extremely low level.
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The number of people collecting unemployment benefits rose to 1.82 million, a 7-month high, indicating it may be taking longer for people to find jobs.
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Businesses are holding onto workers despite labor shortages, but likely can't do so indefinitely, though they will try.