U.S. applications for jobless aid fell to 233,000 last week as layoffs remain low
The Labor Department reported Thursday that jobless claims for the week ending June 28 fell by 4,000 to 233,000–less than the 241,000 that analysts forecast. Applications for unemployment aid are considered a proxy for layoffs. In a separate report Thursday, the Labor Department reported that US employers added 147,000 jobs in June–a sign that the American labor market continues to show surprising resilience despite uncertainty over President Donald Trump's economic policies. The job gains were much bigger than expected, and the unemployment rate ticked down to 4.1 percent from 4.2 percent in May. Analysts had forecast that unemployment would rise to 4.3 percent.
While layoffs remain historically low, many companies have announced job cuts this year, including Procter & Gamble, Workday, Dow, CNN, Starbucks, Southwest Airlines, and Facebook parent company Meta. On Wednesday, Microsoft announced that it is laying off about 9,000 workers–its second mass layoff in months and its largest in more than two years. Earlier this month, Google confirmed that it had offered buyouts to another swathe of its workforce in a fresh round of cost-cutting ahead of a court decision that could order a breakup of its internet empire.
The Labor Department's unemployment benefits report showed that the four-week average of claims, which evens out some of the weekly volatility, fell by 3,750 to 241,500. The total number of Americans collecting unemployment benefits the week of June 21 held steady at 1.97 million.
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Al Arabiya
3 hours ago
- Al Arabiya
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Arab News
7 hours ago
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Al Arabiya
7 hours ago
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UBS, Goldman refused to open bank accounts for US-backed Gaza aid foundation: Sources
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A GHF spokesperson said it has 'spoken about initial funding from Europe, but we don't disclose donors for their privacy.' Reuters reported on June 24 that the US government would give $30 million - its first known financial contribution - to GHF, now headed by Rev. Dr. Johnnie Moore, a former adviser to US President Donald Trump, after Wood quit in May. UBS was approached in late 2024 and did not accept GHF as a client after conducting compliance, risk and reputational due diligence, one of the people with knowledge of the talks said. A representative for UBS said the bank could not comment on matters related to potential, existing or former clients. GHF did not respond to questions from Reuters about UBS. The other person with knowledge of the discussions said GHF also held preliminary talks with Goldman Sachs about opening a bank account in Switzerland. Without giving details, that person said Goldman did not open an account and has no banking relationship with GHF in the United States either. An undated and unsigned GHF briefing document that Reuters reported details of on May 8 said the foundation had 'a verbal commitment from Goldman Sachs to establish a bank account' for a Swiss-based affiliate it was setting up. Reuters could not establish any details about Goldman's verbal commitment or why Goldman did not open an account for GHF. A spokesperson for Goldman Sachs declined to comment. A GHF spokesperson said the document was old and that it had decided not to commence operations in Switzerland and so 'walked away from discussions with banking entities there.' 'Our organization is US-based and has multiple highly reputable banking partners,' the spokesperson told Reuters, without giving details. GHF was incorporated in 2025 in Delaware, filings show, and has a US bank account with JPMorgan, according to a separate person with knowledge of the situation. A JPMorgan spokesperson declined to comment. Its briefing document reported by Reuters in May said it had 'secure banking and financial relationships' with JPMorgan and North Carolina-based Truist Bank. A Truist Bank representative said it does not discuss or confirm client relationships. Distribution GHF uses private US security and logistics companies to get supplies into Gaza, where it has been operating since May under a distribution plan described by the United Nations as 'inherently unsafe. ' Its operations have been beset by violence and chaos including deadly shootings of scores of Palestinians near its food distribution sites guarded by Israeli forces, Reuters has reported. The UN and other humanitarian groups have refused to work with GHF, questioning its neutrality and criticizing the new distribution model as militarizing aid and forcing displacement of Palestinians. Wood resigned before GHF's May 26 launch, saying he could not abandon 'the principles of humanity, neutrality, impartiality and independence.' GHF has repeatedly said it has distributed aid from its sites without incident and has previously told Reuters it 'strictly adheres' to humanitarian principles. 'The Palestinian people of Gaza must be fed and GHF is the only organization that has demonstrated ability to deliver food assistance,' a spokesperson said. Dissolution According to Switzerland's Federal Supervisory Authority for Foundations (ESA), a foundation must hold capital in a Swiss bank account and at least one member of its board must be resident in Switzerland. In filings dated February, seen by Reuters, GHF said its Swiss entity had an initial endowment. However, that capital contribution was never made, a spokesperson for GHF said. ESA told Reuters GHF had never provided information about a bank account in Switzerland or statutory initial capital. ESA is taking steps to order the dissolution of GHF's Swiss branch, Reuters reported on July 2.
