{"id":2317672,"date":"2024-08-01T16:12:51","date_gmt":"2024-08-01T20:12:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-weekly-unemployment-claims-rise-to-highest-level-in-a-year\/"},"modified":"2024-08-01T16:16:55","modified_gmt":"2024-08-01T20:16:55","slug":"bidenomics-weekly-unemployment-claims-rise-to-highest-level-in-a-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-weekly-unemployment-claims-rise-to-highest-level-in-a-year\/","title":{"rendered":"Bidenomics: Weekly Unemployment Claims Rise to Highest Level in a Year"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-weekly-unemployment-claims-rise-to-highest-level-in-a-year%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2317672&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The recent data from the U.S. \u200bDepartment of Labor indicates a notable increase in unemployment claims, with figures \u2064for the week ending\u200d July 27 rising by 14,000 to 249,000. This marks \u2064the highest level in a year and the tenth consecutive\u2063 week that claims\u200c have surpassed 220,000. Weekly unemployment claims serve \u200bas a barometer for layoffs, and while they have \u200crisen slightly, they remain historically low.<\/p>\n<p>In the midst of this,\u200b the \u200dU.S. labor market is under scrutiny as\u200b consumer demand remains robust, helping to mitigate recession fears despite\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-chair-aggressive-rate-hikes-may-be-needed-to-tame-inflation\/\" title=\"Fed Chair: Aggressive Rate Hikes May Be Needed To Tame Inflation\">ongoing rate hikes<\/a>\u200d by the Federal Reserve since March \u200b2022. \u200bThe Federal \u200dReserve has been aiming for a &#8220;soft landing,&#8221; \u200bmanaging inflation without \u2062triggering a recession or significant layoffs. They have\u200c hinted that interest rate cuts may be on the\u200b horizon if economic conditions \u200bcontinue to show signs of weakening.<\/p>\n<p>The unemployment rate\u200b increased slightly to\u200c 4.1% \u200bin June, despite\u2064 206,000\u2064 new jobs being added, a contrasting signal against the backdrop of falling job openings \u200cand rising continuing unemployment claims. The total of Americans receiving unemployment benefits also rose, suggesting mounting challenges in job placements across various sectors. The situation is \u200cshifting, \u200dwith\u200c expectations that the \u200bFed might lower rates in the upcoming\u2064 month as more \u2064analysts predict a potential decline based on the current\u2064 economic indicators.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section>\n<p>The number of Americans filing for <a href=\"https:\/\/www.westernjournal.com\/new-jobs-numbers-come-lower-expected-unemployment-rate-rises\/\" target=\"_blank\" rel=\"noopener\">unemployment<\/a> benefits jumped to its highest level in a year last week.<\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/weekly-jobless-claims-unexpectedly-shoot-worrisome-level\/\" target=\"_blank\" rel=\"noopener\">Jobless<\/a> claims for the week ending July 27 climbed by 14,000 to 249,000, from 235,000 the previous week, the Labor Department reported Thursday.<\/p>\n<p>It&rsquo;s the most since the first week of August last year and the 10th straight week that claims have come in above 220,000. Before that stretch, claims had remained below that level in all but three weeks this year.<\/p>\n<p>Weekly unemployment claims are widely considered as representative of <a href=\"https:\/\/www.westernjournal.com\/disney-makes-significant-layoffs-pixar-admitting-mistake\/\" target=\"_blank\" rel=\"noopener\">layoffs<\/a>, and though they have been slightly higher the past couple of months, they remain at historically healthy levels.<\/p>\n<p>Strong consumer demand and a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-suffered-their-worst-day-of-the-year-on-tuesday\/\" title=\"Stocks Suffered Their Worst Day of the Year on Tuesday\">resilient labor market<\/a> has helped to avert a recession that many economists forecast during the extended flurry of rate hikes by the Federal Reserve that began in March of 2022.<\/p>\n<p>  <script> \t\t\t\tif( ! getCookie( 'ff_subbed' ) ) if( typeof FFADS.replace_ict !='undefined' ) if( FFADS.replace_ict ) eval( FFADS.replace_ict ); \t\t\t<\/script> <\/p>\n<p>As inflation continues its current trajectory, the Fed&rsquo;s goal of a soft-landing &mdash; bringing down inflation without causing a recession and mass layoffs &mdash; appears within reach.<\/p>\n<p>On Wednesday, the Fed left its benchmark rate alone, but officials hinted strongly that a cut could come in September if the data remained on its recent trajectory.<\/p>\n<p>And recent data from the labor market suggest some weakening.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-unemployment-rate-increases-numbers-way-worse-than-expected-talk-of-inflation-grows\/\" title=\"BREAKING: Unemployment Rate INCREASES, Numbers \u2018Way Worse Than Expected\u2019. Talk Of Inflation Grows.\">unemployment rate ticked<\/a> up to 4.1 percent in June, despite the fact that America&rsquo;s employers added 206,000 jobs.<\/p>\n<p>U.S. job openings also fell slightly last month.<\/p>\n<p>Add that to elevated layoffs and the Fed could be poised to cut interest rates next month, as most analysts expect.<\/p>\n<p>The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.<\/p>\n<p>The total number of Americans collecting unemployment benefits for the week of July 20 jumped by 33,000 to 1.88 million.<\/p>\n<p>The four-week average for continuing claims rose to 1,857,000, the most since December of 2021.<\/p>\n<p>Continuing claims have been on the rise in recent months, suggesting that some Americans receiving unemployment benefits are finding it more challenging to land jobs.<\/p>\n<p>There have been job cuts across a range of sectors this year, from the agricultural manufacturer Deere, to media outlets like CNN, and elsewhere.<\/p>\n<p style=\"font-style: italic;\">The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\">  <\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> <label>* Name<\/label> <br \/> <input type=\"text\" name=\"name\" required> <\/div>\n<div class=\"sc--field\"> <label>* <\/label> <br \/> <input type=\"text\" name=\"\" required> <\/div>\n<p> <label>* Message<\/label> <br \/> <textarea name=\"message\" required><\/textarea>  <\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> <input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\">  <\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> <script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script>  <\/div>\n<div class=\"ff-fancy-header-container\">  <\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<div class=\"insticator-ads additional\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of Americans applying for unemployment benefits surged to its highest point in a year last week. According to the Labor Department&#8217;s report on Thursday, jobless claims for the week ending July 27 increased by 14,000, reaching 249,000 compared to 235,000 the prior week. This marks the highest level since early August of last year and represents the tenth consecutive week that claims have exceeded 220,000. Prior to this period, claims had remained below that threshold in all but three weeks this year. Weekly unemployment claims are generally viewed as an indicator of layoffs; while they have risen slightly over recent months, they still remain at historically healthy levels. Strong consumer demand and a robust labor market have helped prevent a recession that many economists predicted during the prolonged series of interest rate hikes initiated by the Federal Reserve in March 2022.<\/p>\n<p>As inflation continues on its current path, the Fed&#8217;s aim for a soft landing\u2014reducing inflation without triggering a recession or mass layoffs\u2014seems attainable. On Wednesday, while keeping its benchmark interest rate steady, Fed officials strongly suggested that a cut could occur in September if economic data continues along its recent trend. However, recent labor market data indicates some signs of weakening; for instance, the unemployment rate rose to 4.1 percent in June even though U.S. employers added 206,000 jobs during that month. Additionally, job openings decreased slightly last month and combined with rising layoffs could lead to anticipated interest rate cuts next month according to most analysts&#8217; expectations.<\/p>\n<p>The four-week average of claims\u2014which smooths out weekly fluctuations\u2014increased by 2,500 to reach 238,000. The total number of Americans receiving unemployment benefits for the week ending July 20 rose by 33,000 to hit approximately 1.88 million; meanwhile,the four-week average for continuing claims climbed to about 1.857 million\u2014the highest level since December 2021.<\/p>\n<p>Continuing claims have been increasing recently which suggests that some individuals receiving unemployment benefits are facing greater difficulties finding new jobs amid widespread job cuts across various sectors this year\u2014from agricultural manufacturer Deere to media companies like CNN and others<\/p>\n","protected":false},"author":1,"featured_media":2317673,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/08\/5c4e83cb92e74064bb113eae57597b65-scaled-e1722530817896.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[12626,34402,36922],"class_list":["post-2317672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-bidenomics","tag-economic-policy","tag-unemployment-claims"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/08\/5c4e83cb92e74064bb113eae57597b65-scaled-e1722530817896.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2317672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2317672"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2317672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2317673"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2317672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2317672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2317672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}