More Americans apply for unemployment benefits

Unemployment benefits person at laptop

Initial jobless claims rose to 235,000 for the week ending July 2, the Department of Labor reported Thursday.

That number is up 4,000 from the previous week. The 4-week average for unemployment rose by only 750. The total number of people receiving unemployment benefits during the week ending June 25 is at about 1,375,000.

Jobless claims currently are the highest they have been in six months. For months, they have hovered near lows set 50 years ago.

What about job opportunities? As of the last business day of May, employers posted 11.3 million job openings, the Bureau of Labor Statistics reported Wednesday. That’s down from April’s number of 11.7 million, which was down from March’s number of 11.9 million.

High-profile companies such as Tesla and Netflix are also currently announcing impending layoffs. Still, there are nearly two jobs for every unemployed person.

This story originally appeared in WORLD. © 2022, reprinted with permission. All rights reserved.

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