?States reported that 251,000 workers filed for new unemployment benefits during the week ending July 16, an increase of 7,000 from the previous week’s level. The number of workers continuing to claim unemployment benefits—1.3 million—is still well below the pre-pandemic average of 1.7 million. The national unemployment rate, at 3.6 percent, is hovering near a record low.
Jobless claims have remained near pre-pandemic levels since early this year, as employers have generally avoided laying off workers due to historically high demand. But the number of initial unemployment claims is at its highest level in eight months and news of more layoffs trickle out each day. Job cuts have accelerated from the technology sector into the automotive, consumer products, entertainment, financial and real estate sectors.
