Layoffs in US: Despite Employers Adding Jobs, More People in United States Apply for Jobless Benefits Amid Rising Layoffs, Struggle To Land Job
Amid the layoffs in US, more people filed for unemployment benefits amid difficulty to land jobs and rising layoffs. According to a report, the layoffs settled at higher level in recent weeks.
New York, July 19: Layoffs in the US have significantly impacted the people who lost their jobs and cannot find new ones instantly. The US layoffs in 2024 led Americans to apply for jobless benefits for weeks. The number of such applicants rose again last week due to unemployment.
Economic Times reported that the jobless people rose by 20,000 on July 13, to a total of 2,43,000 numbers seeking benefits. The previous week, the number of unemployed people filing was 2,23,000. The report highlighted that it was the eighth straight week when the number of unemployment benefits claims rose above the 2,20,000 mark. Earlier, the numbers were below that mark in 2024. Microsoft Layoffs: Job Cuts Announced As Microsoft Reportedly Disbands DEI Team, Sacked Leader Slams Decision in Email Sent to Employees.
For the first time in the last 10 weeks, the number of Americans seeking unemployment benefits rose after declining last week. July 6 had around 1.87 million Americans who collected jobless benefits, about 20,000 more than the previous week. The week-four-week average of claims rose by 1,000 to 2,34,750.
The report mentioned that the weekly unemployment claims were suggestive of layoffs and the rise in these claims was considered to represent Americans struggling to land jobs. In May, job postings witnessed a slight rise to 8.1 million, while the figure in April was revised lower to 7.9 million. This is the first lower reading below 8 million since February 2021.
Economists forecasted that the recession in the US was averted by strong consumer demand and the resilient labour market during the rate hikes. The federal department aimed to lower inflation without mass layoffs or causing a recession. Investors expected that the Federal Reserve would likely cut interest rates in September 2024. Infosys Hiring 20,000 Freshers This Year Depending on Growth, IT Company Witnesses Drop in Headcount by 1,908 in April-June Quarter of FY25.
Despite employers in the United States adding 2,06,000 jobs, the jobless benefit applications, which were below 2,20,000 this year, trended higher in June 2024, slightly increasing to 4.1%.
(The above story first appeared on LatestLY on Jul 19, 2024 07:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).