WASHINGTON (AP) — The number of Americans applying for unemployment benefits slipped last week as the U.S. labor market remained resilient.
The Labor Department reported Thursday that jobless claims fell by 5,000 to 238,000 from a 10-month high of 243,000 the week before. The four-week average of claims, which evens out weekly ups and downs, rose by 5,500 to 232,750, highest since September.
Weekly unemployment claims — a proxy for layoffs — remain at low levels by historical standards, a sign that most Americans enjoy unusual job security. Still, after mostly staying below 220,000 this year, weekly claims have moved up recently.
“Layoffs are still low overall suggesting businesses remain reluctant to reduce headcount in large numbers,’’ said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “However, there has been a gradual increase in recent weeks that merits watching for signals about a more material weaking in demand for workers going forward.’’
Nearly 1.83 million people were collecting unemployment benefits the week of June 8, up by 15,000 the week before and the seventh straight weekly uptick.
The U.S. economy and job market have proven remarkably resilient in the face of high interest rates. Employers are adding a strong average of 248,000 jobs a month this year. Unemployment is still low at 4%.
But the economy has lately showed signs of slowing, perhaps offering evidence that higher borrowing costs are finally taking a toll. For instance, the Commerce Department reported Tuesday that retail sales barely grew last month.
The Federal Reserve raised its benchmark interest rate 11 times in 2022 and 2023, eventually bringing it to a 23-year high to combat a resurgence in inflation.
Inflation has come down from a mid-2022 peak 9.1% but remains stubbornly above the Fed's 2% target. Fed policymakers announced last week that they have scaled back their intention to cut the rate three times this year. Now they are anticipating only one rate cut.
FILE - A hiring sign is displayed at a restaurant in Wheeling, Ill., May 16, 2024. On Thursday, June 20, 2024, the Labor Department reports on the number of people who applied for unemployment benefits last week. (AP Photo/Nam Y. Huh, File)
WASHINGTON (AP) — The Supreme Court has a dozen cases still undecided, including ones that could reshape the law on everything from abortion to social media. The justices are also still weighing whether former President Donald Trump is immune from criminal prosecution in the election interference case against him, roughly two months after hearing arguments. Though the justices typically issue all of their rulings by the end of June, this term they are expected to continue into early July.
The court heard 61 cases this term, and eight remain unresolved.
Here's a look at some of the major undecided cases:
Donald Trump is arguing that former presidents are immune from prosecution for official acts they took in office and that the indictment he faces on charges of election interference must be dismissed.
The Supreme Court has previously ruled that former presidents can’t be sued in civil cases for what they did in office, but it has never weighed in on criminal immunity.
The timing of the decision may be as important as the outcome. Trump’s trial in Washington, D.C., may not take place before the November election, even if the court rules he is not immune.
A former Pennsylvania police officer is challenging the validity of obstruction charges brought against hundreds of people who took part in the violent assault on the Capitol on Jan. 6, 2021. Trump faces the same charge of obstructing an official proceeding.
The issue is whether a law meant to discourage tampering with documents sought in investigations can be used against the Capitol rioters.
The most significant Supreme Court case in decades on homelessness centers on whether people can be banned from sleeping outdoors when shelter space is lacking.
A San Francisco-based appeals court decision said that amounts to cruel and unusual punishment.
Leaders from California and across the West say that the ruling makes it harder for them to regulate homeless encampments encroaching on sidewalks and other public places.
Advocates say it would criminalize homelessness just as rising costs have pushed the number of people without a permanent place to live to record levels.
The justices could overturn a 40-year-old decision that has been cited thousands of times in federal court cases and used to uphold regulations on the environment, public health, workplace safety and consumer protections. The decision colloquially known as Chevron calls on judges to defer to federal regulators when the words of a statute are not crystal clear. The decision has long been targeted by conservative and business interests who say Chevron robs judges of their authority and gives too much power to regulators.
Two cases involve social media laws in Texas and Florida that would limit how Facebook, TikTok, X, YouTube and other social media platforms regulate content posted by their users. While the details vary, both laws aimed to address conservative complaints that the social media companies were liberal-leaning and censored users based on their viewpoints, especially on the political right.
Follow the AP's coverage of the U.S. Supreme Court at https://apnews.com/hub/us-supreme-court.
Visitors pose for photographs outside the U.S. Supreme Court Tuesday, June 18, 2024, in Washington. ( AP Photo/Jose Luis Magana)
Visitors pose for photographs outside the U.S. Supreme Court Tuesday, June 18, 2024, in Washington. ( AP Photo/Jose Luis Magana)
