NATIONAL NEWS

Unemployment claims rise to 240,000, highest since August

Nov 23, 2022, 10:04 AM
A "We Are Hiring" sign is displayed on a storefront in Georgetown on October 07, 2022 in Washington...
A "We Are Hiring" sign is displayed on a storefront in Georgetown on October 07, 2022 in Washington, DC. The Labor Department announced that in the month of September the U.S. added 263,000 jobs as the unemployment rate fell to 3.5% (Photo by Anna Moneymaker/Getty Images)
(Photo by Anna Moneymaker/Getty Images)

WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose to the highest level since August but still remains low by historic standards.

The Labor Department reported Wednesday that 240,000 people applied for jobless aid last week, up by 17,000 from the week before. The four-week moving average of claims, which smooths out week-to-week volatility, rose by 5,500 to 226,750.

Applications for unemployment benefits are a proxy for layoffs and the current low levels shows that American workers enjoy extraordinary job security.

But it may not last.

To combat inflation that hit four-decade highs earlier this year, the Federal Reserve has raised its benchmark interest rate six times since March. The housing market has buckled under the strain of mortgage rates that have more than doubled from a year ago. And many economists expect the United States to slip into a recession next year as higher borrowing costs slow economic activity.

But the job market has remained strong. Employers added 261,000 jobs last month and are creating an average of nearly 407,000 a month this year. — on pace to make 2022 the second-best year for hiring (after 2021) in government records going back to 1940. There are nearly two job openings for every unemployed American. The unemployment rate is 3.7%, a couple of ticks above a half-century low.

New weekly applications for unemployment benefits were extremely low early this year — staying below 200,000 for much of February, March and April. They began to tick up in late spring and hit 261,000 in mid-July before trending lower again.

“We expect layoffs to rise as demand softens in response to higher interest rates,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said in a research report. “However, the move is likely to be gradual given businesses are still struggling with labor shortages and will be reluctant to cut their workforce.”

The Labor Department said Wednesday that 1.55 million people were receiving jobless aid the week that ended Nov. 12, up by 48,000 from the week before.

KSL 5 TV Live

Top Stories

National News

Gate to the Duke Energy West End substation in Moore County, North Carolina, on Dec. 4, 2022. (John...
Nicole Grether, Gloria Pazmino and Tina Burnside, CNN

Gunfire at power substation cause North Carolina outages

Two power substations in a North Carolina county were damaged by gunfire in what is being investigated as a criminal act.
18 hours ago
Lava flowing from Mauna Loa Volcano during the night. (KSL-TV's Carissa Hutchinson)...
Shelby Lofton

‘It’s kind of an eerie feeling;’ Utah man living in Hawaii witnesses Mauna Loa eruption

A Utah man has a front-row seat to the Mauna Loa Volcano eruption happening on the Big Island of Hawaii.
18 hours ago
Body camera footage taken from a traffic stop last month. (Pinellas County Sheriff's Office)...
Keith Allen, CNN

Tampa police chief placed on leave after flashing badge during traffic stop

Tampa Police Chief Mary O'Connor has been placed on administrative leave after body camera footage taken from a traffic stop last month revealed she told a deputy she was "hoping that you'll just let us go tonight" and flashed her badge.
18 hours ago
Former President Donald Trump speaks at a rally on Sept. 25, 2021, in Perry, Georgia. (Photo by Sea...
HOPE YEN, Associated Press

Trump rebuked for call to suspend Constitution over election

Former President Donald Trump is facing rebuke from both parties after calling for the “termination” of parts of the Constitution over his lie that the 2020 election was stolen.
18 hours ago
tetson Bennett #13 of the Georgia Bulldogs celebrates with the trophy...
Associated Press

SEC halftime contest booed, both students awarded $100,000

Two college students have won $100,000 in tuition after a confusing finish in the SEC championship game's halftime competition. Boos rained down from the fans in attendance for the game between No. 1 Georgia and No. 11 LSU when one of the two students appeared to win the Dr Pepper ball toss competition in overtime on a technicality. The winner was due to get $100,000 and the runner-up $20,000. Baylor student Reagan Whitaker and St. Augustine student Kayla Gibson exchanged leads multiple times in regulation. In overtime, they tied again, but Whitaker was declared the winner. It was announced on the broadcast in the fourth quarter of the game that Dr Pepper would gift both Whitaker and Gibson with $100,000 in tuition.
18 hours ago
A police car in Tampa, Florida....
Associated Press

Tampa police chief on leave after golf cart traffic stop

The police chief of Tampa has been placed on leave after a video emerged of her flashing her badge from the passenger seat of a golf cart to get out of a traffic ticket. Tampa Mayor Jane Castor placed Chief Mary O'Connor on administrative leave Friday pending an investigation of the Nov. 12 traffic stop. The body camera video shows O'Connor identifying herself as the Tampa police chief and asking the Pinellas County sheriff's deputy not to ticket her and her husband, who she says was driving the golf cart without a tag. O'Connor later released a statement saying the incident reflected "poor judgement."
18 hours ago

Sponsored Articles

house with for rent sign posted...
Chase Harrington, president and COO of Entrata

Top 5 reasons you may want to consider apartment life over owning a home

There are many benefits of renting that can be overshadowed by the allure of buying a home. Here are five reasons why renting might be right for you.
Festive kitchen in Christmas decorations. Christmas dining room....
Lighting Design

6 Holiday Decor Trends to Try in 2022

We've rounded out the top 6 holiday decor trends for 2022 so you can be ahead of the game before you start shopping. 
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to choose what MBA program is right for you: Take this quiz before you apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Diverse Group of Energetic Professionals Team Meeting in Modern Office: Brainstorming IT Programmer...
Les Olson

Don’t let a ransomware attack get you down | Protect your workplace today with cyber insurance

Business owners and operators should be on guard to protect their workplace. Cyber insurance can protect you from online attacks.
Hand turning a thermostat knob to increase savings by decreasing energy consumption. Composite imag...
Lighting Design

5 Lighting Tips to Save Energy and Money in Your Home

Advances in lighting technology make it easier to use smart features to cut costs. Read for tips to save energy by using different lighting strategies in your home.
Portrait of smiling practitioner with multi-ethnic senior people...
Summit Vista

How retirement communities help with healthy aging

There are many benefits that retirement communities contribute to healthy aging. Learn more about how it can enhance your life, or the life of your loved ones.
Unemployment claims rise to 240,000, highest since August