Jobless claims edge up to highest since January; planned layoffs soar; trade deficit hits 2022 low | Brave Business

Jobless claims edge up to highest since January; planned layoffs soar; trade deficit hits 2022 low

Jobless claims each week grew slightly while the U.S. trade deficit decreased in May as China was gripped by Covid-related shutdowns, according to economic data released Thursday.

According to the Labor Department, the number of first applications for unemployment benefits reached 235,000 for the week ending July 2. This represents an increase of 4,000 from the prior week and a modest increase over the 230,000 Dow Jones projection. The four-week moving average increased to 232,500, its highest level since December 2021, while the total reached its highest level since January 15.

A week behind schedule, continuing claims increased as well, jumping 51,000 to 1.375 million from the estimated 1.337 million by FactSet.

Additionally on Thursday, the employment agency Challenger, Gray & Christmas revealed that the number of planned layoffs jumped to 32,517 in June, a 57 percent increase from a month earlier and the biggest number since February 2021.

Source

The company reported that the traditionally seasonal car industry announced 10,198 layoffs, increasing the annual total to 15,578, or a 155 percent increase over the same period in 2021. In comparison to 2021, 10 out of the 30 industries the firm monitors have declared more layoffs.

After a very low level of job layoffs in the first three months of the year, layoff notifications have increased dramatically in the second quarter. The annual total of 133,211 as of June is down 37% from the same period last year, while the second quarter saw the greatest quarterly total since Q1 2021.

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According to Andrew Challenger, senior vice president of the company, "employers are starting to respond to financial difficulties and sluggish demand by lowering expenses." "The labour market is currently tight, but it could start to loosen up in the coming months."

The nonfarm payrolls report on Friday, which is predicted to show a gain of 250,000, is being watched by the markets. It will be the lowest monthly increase since December 2020 if the Dow Jones prediction turns out to be accurate. Officials from the Federal Reserve are keenly monitoring the jobs data as they attempt to temper the labour market and the larger economy, which is seeing its highest inflation rate since 1981.

According to official data, the U.S. trade deficit for goods and services decreased from $86.7 billion in April to $85.5 billion today. Despite being the lowest of 2022, it was higher than the $84.7 billion Dow Jones prediction.

The demand for imports has far outpaced American exports to the rest of the globe, so the deficit was still up 38.4% from the previous year.

The U.S. trade imbalance with China decreased by $2.8 billion seasonally adjusted to $32.2 billion as the country struggled to deal with an increase in Covid infections. While the imbalance with Canada reached $900 million, the deficit with Mexico shrank by $1.6 billion.

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