Unemployment Applications on the Rise – Labor Market Update (chart)
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More workers are applying for unemployment as companies scale back and hiring initiatives ease. Both federal and private sector workers are filing for unemployment at an increasing pace.
Demand for new hires has moderated nationwide and across various industries and sectors, as layoffs have increased and job openings have subsided over the past few weeks. The cooling job market may also provide some relief amid continued inflationary pressures. Consumers tend to spend less as jobs contract and companies curtail wages, offering minimal pay increases as unemployment rises.
Sources: https://fred.stlouisfed.org/series/ICSA
Print Version: Unemployment-Applications
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