(TheRedWire.com) – According to a new report, the number of Americans filing for unemployment benefits is higher than what it was expected to be last week. According to the Labor Department’s figures which were published on Thursday, in the week that ended on April 1, the number of claims was 228,000. This is slightly higher than the 2019 pre-pandemic average of 218,000 claims.
The recorded number of claims is still slightly lower than what the number of claims had been one week before (246,000), which had been the highest number since January 2022. Many Americans are continuously filing for unemployment benefits, with the number of people receiving benefits being around 1.82 million for the week that ended on March 25. This marks a 6,000 increase when compared to the previous week.
The Federal Reserve’s campaign continues to increase interest rates in an effort to combat inflation and slow down the economy. In this equation, the labor market remains a mystery, and despite the record high number of job openings, layoffs are also on the rise.
There have also been increases in private-sector hiring as well, with growth higher than one expected in February. However, the number of jobless claims is also rising.
Central bank officials have also stated they expect unemployment to increase because of the higher rates. The increase in interest rates could mean that consumers and businesses are going to be required to pull back on spending.
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