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US jobless claims tick upward: Interest rate hikes could be affecting job market

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  • Staff Report 

US jobless claims remained at a high level last week, raising speculation that the Federal Reserve’s year-long interest rate hikes may be affecting the enduring job market.

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According to the Labor Department, applications for unemployment benefits stood at 262,000 for the week ending June 10, exceeding analyst expectations and matching the revised total of the previous week.

These figures, the highest since October 2021, along with a four-week moving average of claims hitting the highest level since November 2021, suggest possible turbulence in the labor market.

Despite aggressive measures by the Federal Reserve to mitigate high inflation rates by cooling the economy and labor market, the job market has been particularly robust.



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