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US jobless aid filings, a proxy for layoffs, hit highest level since Iran war began in February
Claims rose to 225,000 as employers stayed cautious and hiring remained weak amid higher costs and economic uncertainty, Labor Department data showed.
- The Labor Department reported Thursday that weekly jobless claims for Americans increased by 13,000 to 225,000, marking the highest level in four months.
- Instability in the Middle East and the war in Iran continue to drive economic uncertainty, with gas prices spiking about 50% to $4.24 since late February.
- Despite historically low layoffs, the labor market remains in what economists call a "low-hire, low-fire" state, with hiring slowing since President Donald Trump's tariff rollouts two years ago.
- Inflation remains above The Federal Reserve's 2% target, prompting policymakers to consider rate hikes this year instead of cuts to address elevated price pressures.
- Analysts await the government's May jobs report on Friday to gauge market health, as companies including Amazon, UPS, and Walmart have cut jobs recently.
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Applications are expected to increase by summer due to many workers applying for unemployment benefits during holidays
Coverage Details
Total News Sources46
Leaning Left7Leaning Right6Center19Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 22%
C 59%
R 19%
Factuality
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