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US filings for unemployment aid fall to 187,000 last week, fewest since 1969
AP News • • business
Key Points:
- U.S. jobless claims dropped to 187,000 for the week ending July 18, the lowest level since 1969, indicating historically low layoffs despite global economic uncertainties.
- The number of unemployment benefit applications was well below analyst forecasts, signaling a resilient U.S. labor market amid rising oil prices and geopolitical tensions.
- Despite surging crude oil prices and higher gas costs squeezing consumers and businesses, the labor market has not yet shown significant negative impacts.
- June’s jobs report showed a slowdown in hiring with only 57,000 jobs added, reflecting employer caution, though the unemployment rate slightly decreased to 4.2%.
- Major companies including Microsoft, Verizon, and Amazon have recently reduced their workforces, but overall layoffs remain stable with a four-week moving average of 207,500 claims.
