By Christian RoblesWorker filings for unemployment rose slightly but remained at a low level last week, a sign that the labor market remains solid. Initial claims, a proxy for layoffs, rose to a seasonally adjusted 227,000 in the week ended July 29, the Labor Department said Thursday. The four-week moving average of weekly claims, which smooths for volatility in the weekly figures, declined to 228,250. Higher interest rates can lead to increased unemployment if they cause consumer demand and business investments to fall, weakening demand for labor. Continuing jobless claims, which reflect the number of people seeking an additional week of unemployment benefits, increased to a seasonally adjusted 1.7 million in the week ending July 22.

Source: Wall Street Journal August 03, 2023 19:05 UTC