Associated Press Business Writer Matt Ott
WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell to a low in three months last week.
The Labor Bureau reported Thursday that unemployment claims for the week ending July 12 have declined from 7,000 to 221,000, with a fifth consecutive weekly decline and the lowest decline since mid-April. Last week’s numbers were lower than analysts predicted 232,000. An application for unemployment assistance is considered representative of the layoff.
Earlier this month, the Labor Bureau reported that U.S. employers added an astounding 147,000 jobs in June, adding evidence that the US labor market continues to show resilience despite uncertainty over President Donald Trump’s economic policies. Job profits were much higher than expected, with unemployment falling from 4.2% in May to 4.1%. Analysts had expected unemployment to rise to 4.3%.
The job market is very sound by historical standards, but some weaknesses have emerged, as employers are fighting Trump’s policies, particularly his fallout from his aggressive tariffs that raise prices for businesses and consumers. Most economists believe that import obligations will reduce economic efficiency by reducing competition. They could also induce retaliatory tariffs from other countries, hurt US exporters and promote businesses to freeze or reduce jobs.
Most deadlines for Trump’s strict proposed import taxes have been extended again until August 1st. Unless Trump reaches deals with other countries to lower tariffs, economists fear acting as resistance to the economy and causing another match of inflation.
Companies that announced jobs this year include Procter & Gamble, Workday, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google and Facebook parent company Meta.
The Labor Bureau’s report said Thursday that the average four-week billing, which smoothes out some of the weekly ups and downs, has fallen from 6,250 to 229,500.
The total number of Americans collecting unemployment benefits for the week of July 5th remained stable, up just 20,000-1.96 million.
