It hasn't been this hard for Americans to find work since 2021
New data released Thursday showed that initial claims for unemployment benefits — considered a proxy for layoffs — fell last week.
There were an estimated 227,000 first-time applications for unemployment insurance made during the week that ended on July 5. That's down 5,000 claims from the prior week.
Economists were expecting claims to move higher to 238,000, according to FactSet.
Jobless claims data can be highly volatile (especially during weeks with holidays) and is frequently revised, but can provide a timelier snapshot of shifts occurring in the labor market. The weekly reports have risen in importance as a potential indicator for how the sweeping actions taken by President Donald Trump — including steep tariffs, cutbacks to the federal workforce as well as spending, and reductions in immigration — are impacting the economy.
The US labor market has cooled significantly during the past year, and the pullback in job growth has largely been attributed to employers reining in hiring rather than conducting mass layoffs.
That trend, however, has meant that it's taken longer for unemployed people to find work. Continuing claims, which are filed by people who have received jobless benefits for at least one week, once again but up against three-and-a-half-year highs.
The number of continuing claims rose by 10,000 to 1.965 million, marking the highest total since November 13, 2021.
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