US unemployment claims rise to 229,000 signaling cooling job market
Business
Unemployment claims in the US jumped to 229,000 last week, the highest since February and well above what experts expected.
It's a sign that the job market might be cooling off, with inflation, high interest rates, and global uncertainty (especially around Iran) making things tougher for both workers and employers.
Companies added 172,000 jobs in May
Even with more people filing for unemployment, companies added 172,000 jobs in May and the unemployment rate stayed at 4.3%.
But those tax refunds from Trump's 2025 cuts that helped boost spending are pretty much gone now.
Plus, gas prices are still above $4 a gallon, so many households are feeling the pinch.
All eyes are on upcoming data to see if employer confidence takes a hit.