Surge of New Applications for , Unemployment Benefits , May Signal Cooling Job Market.<br />Last week, the number of people in the <br />United States filing for unemployment benefits <br />reached the highest level in ten months last week. .<br />ABC reports that the news comes as a potential <br />sign that the U.S. labor market may be slowing <br />under the burden of high interest rates. .<br />The week ending June 8 saw <br />applications for jobless benefits <br />rise by 13,000 to reach 242,000. .<br />According to Labor Department <br />data, that is up from 229,000 new <br />applications the week before.<br />The number also represents the highest <br />number of new applications since August <br />of 2023, while also being significantly higher <br />than the 225,000 new claims forecast.<br />ABC reports that weekly unemployment claims have <br />lingered at historically low levels since millions of <br />jobs disappeared with the COVID-19 pandemic.<br />ABC reports that weekly unemployment claims have <br />lingered at historically low levels since millions of <br />jobs disappeared with the COVID-19 pandemic.<br />Since March of 2022, the Federal Reserve has raised <br />benchmark rates 11 times in an attempt to reign in <br />inflation which has risen to a four-decade high.<br />While the latest data suggests that consumer<br />inflation cooled in May, the Federal Reserve <br />has decided to leave rates at a 23-year high.<br />According to Fed Chair Jerome Powell, officials <br />are waiting for more evidence that prices <br />are reaching their target of two percent.<br />ABC reports that a total of 1.82 million <br />Americans were collecting unemployment <br />benefits in the week ending June 1. .<br />ABC reports that a total of 1.82 million <br />Americans were collecting unemployment <br />benefits in the week ending June 1.
