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BREAKING
Hamas official says despite this, Hamas leadership is currently undertaking a thorough review of the new proposal
Hamas official says the response fails to meet any of the just and legitimate demands of our people
Hamas official says it is clear that the Israeli response fundamentally seeks to entrench the occupation
Reuters citing Hamas official: Group received Israeli response to Witkoff proposal
Sources to Al Mayadeen: The news regarding a press conference tonight by the head of the Hamas movement in the Gaza Strip, Khalil Al-Hayya, is false.
Lebanese Ministry of Health: One person was martyred in an Israeli drone strike on the outskirts of Nabatieh al-Fawqa
Al Mayadeen's correspondent: The death toll in the al-Bureij camp massacre has risen to 19
Nicolas Maduro: Maria Corina Machado and imperialism wanted to spread violence and chaos so there would be no elections.
Venezuelan President Nicolás Maduro: We were able to neutralize 60 attacks on oil refineries and oil facilities and arrest more than 70 individuals involved.
CNN citing sources: Talks between Washington and Tehran are close to reaching a comprehensive agreement that could be concluded during the next meeting.

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
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  • inflation
  • US inflation
  • Unemployment
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