States reported that 227,000 workers filed for new unemployment benefits during the week ending July 29, an increase of 6,000 from last week’s unrevised level. For three weeks in late May and early June, jobless claims had appeared to be climbing above the normal range, but over the past five weeks, claims have leveled off to indicate a healthy labor market and unemployment remains low by historic standards.
About 1.7 million workers continue to claim unemployment benefits. The unemployment rate edged down to 3.6 percent in June, and although the labor market remains strong, some industries have experienced layoffs, mostly due to overhiring during the pandemic.
On Friday, the Department of Labor will report on how many jobs the U.S. economy added in July, the unemployment rate and wage gains for the month.
