More Americans apply for jobless benefits last week

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More Americans apply for jobless benefits last week
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More Americans applied for jobless aid last week but the total number of Americans collecting unemployment remains at a five-decade low.

FILE - Job seekers line up outside the New Hampshire Works employment security job center, Monday, May 10, 2021, in Manchester, N.H. . Applications for unemployment benefits rose by 27,000 to 229,000 for the week ending June 4, the most since mid-January, the Labor Department reported Thursday, June 9, 2022. More Americans applied for jobless aid last week, but the total number of Americans collecting unemployment remains at a five-decade low.

The four-week average for claims, which evens out some of the weekly volatility, rose by 8,000 from the previous week to 215,000. Last week, the government reported that U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates.

The job growth in May, though healthy, was the lowest monthly gain in a year. But it was high enough to keep the Fed on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years.

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