According to the Labor Department’s most recent report, the number of unemployment claims dropped by 2,000 to 250,000 amid worries about a recession.
WNCT further reported:
The four-week average of claims, which levels out week-to-week volatility, decreased by 2.750 to 246,760.
This comes as America’s employers added 528,000 jobs in July and the unemployment rate edged lower to 3.5%, lower than the past four jobs reports and the lowest level since the pandemic erupted two years ago.
Despite a still-robust job market, the U.S. economy shrank in the first half of 2022, raising fears of a potential recession. Growth has been weakening largely as a consequence of the Federal Reserve’s aggressive interest rate hikes, which are intended to cool the economy and tame high inflation.