Despite the increase, businesses remain desperate to find workers.
A shopper passes a now hiring sign while entering a retail store in Morton Grove, Illinois, Wednesday, July 21, 2021.Washington — The number of Americans filing for jobless benefits rose slightly last week with the Federal Reserve pushing hard to cool the economy and tamp down inflation.
Fed officials have pointed to the remarkably resilient U.S. labor market as added justification for raising rates five times this year, including three 75-basis point hikes in a row. He emphasized his belief that curbing inflation is vital to ensuring the long-term health of the job market. Earlier this month, the Labor Department reported that employers added still-strong 315,000 jobs in August, though less than the average 487,000 a month over the past year. The unemployment rate ticked up to 3.7%, largely because hundreds of thousands of people returned to the job market. Some didn’t find work right away, so the government’s count of unemployed people rose.
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