Number of US Workers Collecting Unemployment Jumps to Multiyear High

The number of U.S. workers collecting unemployment benefits has risen to its highest level since 2021, delivering a fresh sign of labor market cooling as the Federal Reserve mulls when to cut interest rates after holding them at their highest level in 23 years. Continuing jobless claims, which reflect the number of Americans continuing to collect unemployment benefits after earlier filing an initial claim, rose to 1.87 million for the week ended July 6, according to data released Thursday by the Department of Labor. That’s the highest level since Nov. 27, 2021, when that figure stood at 1.89 million. Some market analysts saw this as evidence that the labor market is losing some steam, bolstering the case for a Fed rate cut....