US unemployment claims rise to 225,000 amid Iran conflict
Unemployment claims in the US just hit a four-month high, rising by 13,000 to 225,000 last week, well above what experts predicted.
The ongoing conflict in Iran has made employers more cautious, slowing down hiring even though layoffs are still pretty low overall.
Oil up 50% pushes $4.24 gas
With unemployment at 4.3%, finding a job is getting tougher.
Oil prices have shot up by 50% since February thanks to the Iran situation, pushing gas up to $4.24 per gallon from under $3 earlier this year.
Inflation hit 3.8% in April—the highest in three years—so both households and businesses are feeling the squeeze.
Fed holds rates amid hiring squeeze
The Federal Reserve is holding interest rates steady for now because inflation is still above its target.
But high borrowing costs and pricier energy are making it harder for businesses to invest and hire, raising concerns that things could get even tougher if inflation keeps climbing.