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The Israeli Walla! website: We are running out of stockpiles, our forces are exhausted, and the lives of the captives are in danger. It is time for a ceasefire deal in Gaza.
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis
Al-Qassam Brigades: A NIMR armored personnel carrier carrying an Israeli soldier was targeted with an Al-Yassin missile north of Khan Younis
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes

US: Unemployment benefits applications generally indicate layoffs

  • By Al Mayadeen English
  • Source: Agencies
  • 4 Aug 2022 23:24
3 Min Read

The unemployment rate has increased slowly in the US as inflation reached 9.1%.

  • x
  • Inflation in the US reaches 9.1% (Frederic J. Brown)
    Inflation in the US reached 9.1%.

With the unemployment rate slowly increasing in the US, more Americans applied for unemployment benefits last week.

The Labor Department said on Thursday the number of applications for unemployment benefits increased by 6,000 to 260,000 for the week ending July 30 from 254,000 the previous week. The number of applications for new unemployment benefits applications generally indicates layoffs. 

The number of jobless benefits claims increased from the prior week to 254,750 on a four-week average, which usually balances out weekly fluctuations.

The overall number of Americans claiming unemployment benefits increased by 48,000 for the week ending July 23 from 1,416,000 the week prior. For months, that number has been close to 50-year lows.

The Labor Department announced on Tuesday that fewer job opportunities were posted by American firms in June as the economy struggled to deal with stubbornly high inflation and increasing interest rates.

According to a Morning Consult poll, as #recession fears grow among #Americans, 63% of respondents said they are very or somewhat concerned about being able to afford gas/fuel in the future.#Inflation pic.twitter.com/21H03vKyRH

— Al Mayadeen English (@MayadeenEnglish) July 29, 2022

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From 11.3 million in May, job vacancies decreased to 10.7 million in June. Prior to last year, there were never more than 8 million job opportunities in a single month. From December through May, however, the number had not decreased below 11 million until June.

The Labor Department's July employment report, which is scheduled to be released on Friday, is anticipated to reveal that businesses added 250,000 new positions in July. While this would be good in normal circumstances, however, in the current situation, it would be the lowest number since December 2020.

For the fifth consecutive month, economists anticipate that the unemployment rate will remain at 3.6%.

Even though the labor market is currently regarded as being robust, notable companies including Tesla, Netflix, Carvana, Redfin, and Coinbase have lately announced layoffs. Many other businesses, especially in the computer industry, have issued hiring curbs.

The US economy appears to be weaker than previously thought, according to other indications. The government reported last week that the second quarter's 0.9% decline in the US GDP was the second consecutive quarterly decline.

Consumer prices continue to surge, with a 9.1% inflation rate when compared with last year's prices. This increase constitutes the highest annual increase in four decades. The Federal Reserve responded by increasing its key borrowing rate by three-quarters of a percentage point last week. This comes after a three-quarter point jump in June and an additional half-point increase in May.

Read more: US before 'very narrow path' to avert recession: IMF

  • US
  • US recession
  • IMF
  • inflation
  • US inflation
  • Unemployment
  • Recession

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