Jobless claims in the US have jumped to 240,000 for the week ending May 24, but American workers remain secure in their jobs despite economic uncertainty over global trade. This increase is a far cry from the historically healthy range of 200,000 to 250,000 since COVID-19 disrupted the economy.
A recent court ruling blocked President Donald Trump’s plan to impose sweeping tariffs on imports under an emergency-powers law, sending financial markets into relief. However, the White House plans to appeal the decision, leaving uncertainty about whether they will pause their emergency power tariffs in the interim.
The Labor Department reported that US employers added 177,000 jobs in April and the unemployment rate remained at 4.2%. Despite some job cuts by major companies such as Microsoft and Facebook, the labor market remains robust.
Source: https://apnews.com/article/unemployment-benefits-jobless-claims-layoffs-labor-d069b9a8f3ab894fa15d8f03a5590fda