Jobless claims jump to a six-month high for the week ended July 2

• Initial jobless claims rose to 235,000 last week, rising by 4000

New claims for unemployment in the U.S. rose to their highest level since January 2022 as the U.S. Labor Market published its Unemployment Insurance Weekly Claims report.

First-time unemployment claims were recorded as 235,000 in the week ended July 2, increasing by 4,000 a week before and greater than the 230,000 Dow Jones estimate.

The four-week moving average for continuing claims was  1,335,000, an increase of 16,500 from the previous week's revised average. The previous week's average was revised down by 1,000 from 1,319,500 to 1,318,500

Thursday’s report showed that the number of seasonally adjusted insured unemployment claims during the week ending June 25 was 1,375,000, an increase of 51,000 from the previous week's revised level. 

Layoff announcements have soared in the second quarter after an extremely low level of cuts in the first three months of the year.

Meanwhile the Federal Reserve  is watching the jobs numbers closely as they look to cool the labor market and broader economy, which is seeing its highest inflation rate since 1981.

Source - Labor Department

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