US Weekly Jobless Claims Reach Highest Level of 2024

New unemployment claims hit 243,000, influenced by seasonal factors and Hurricane Beryl, amid signs of a cooling labor market.

Initial jobless claims rose by 20,000 to a seasonally adjusted 243,000 for the week ending July 13.
Continuing claims increased by 20,000 to 1.867 million, the highest since November 2021.
Economists note the rise is partly due to temporary auto plant shutdowns and disruptions from Hurricane Beryl.
Despite the increase, the labor market remains relatively strong, with a focus on slower hiring rather than higher layoffs.
The Federal Reserve is closely monitoring labor market trends as it considers potential interest rate cuts in the coming months.