Number of Americans Seeking Unemployment Benefits Reaches 263,000, the Highest in Almost 4 Years
U.S. jobless claim applications surged to almost four-year highs, with 263,000 Americans filing for unemployment benefits, a significant increase from the expected 231,000. Despite this rise, layoffs are still historically low but hiring has weakened. The Bureau of Labor Statistics revised job gain figures, showing 911,000 fewer jobs added in the year ending March 2025. The economy only added 22,000 jobs in August, below expectations. The labor market reports suggest Trump’s economic policies have created uncertainty, leading to businesses hesitant to hire. Economic growth has slowed, prompting the Federal Reserve to consider cutting interest rates to stimulate growth, though this could lead to increased inflation.
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