Unemployment Claims Stay At Highest Level In 20 Months

Last week, the number of jobless claims in the U.S. stayed the same and stayed at the highest level in 20 months.

In a news release on Thursday, June 22, the U.S. Department of Labor said that the number of seasonally adjusted initial claims for the week ending June 16 was 264,000. This was the same number as the previous week, which was revised up from 262,000 to 264,000.

Last week, the number of original claims was up from the week before, when it was revised up from 261,000 to 262,000.

Last week and the week before, the total number of new claims was 264,000, which was the most since late October 2021.

Last week, the number of new claims didn’t change, but the four-week moving average went up by 8,500 to 255,750, which is the highest it has been since November 13, 2021, when it was 260,000.

Binance.US laid off 50 people, according to the story, after the Securities and Exchange Commission (SEC) accused parent company Binance of breaking securities laws and tried to freeze Binance’s assets. This was one of the companies that cut jobs during the week.US.

Grubhub, a company that delivers food, cut its staff by 15%, or about 400 people, on June 12, because the industry is still under a lot of pressure.

The latest weekly report from the Labor Department comes after a month in which more than 80,000 jobs were cut in the United States. According to Challenger, Gray, and Christmas, the technology industry was the hardest hit.

As of the end of May, 417,500 job cuts had been announced by businesses this year, according to a company that helps people change careers. This is the most job cuts announced between January and May since 2020.

“With the exception of 2020, it is the highest total in the first five months of the year since 2009, when 822,282 cuts were tracked through May,” Challenger, Gray and Christmas said when announcing the figures.

The Labor Department also said on Tuesday that the insured jobless rate for the week ending June 10 was 1.2%, which was the same as the unrevised rate for the previous week.

The press statement said that the number of insured unemployed people was 1,759,000, which was 13,000 less than the revised number from the week before.