Americans Staying Unemployed for Longer #

The latest Labor Department data suggests that Americans are staying unemployed for longer, reflecting a slowing economy. The number of Americans receiving jobless benefits for multiple weeks has reached its highest level since November 2021. The increase in continuing claims indicates that unemployed Americans may be facing more difficulties in finding work. However, there has been a slight decline in the number of people filing for unemployment for the first time. Despite this, the trend of initial claims has been upward in recent weeks. Economists project a significant slowing in job growth in the next three months. This trajectory could impact the unemployment rate and put pressure on the Federal Reserve. The labor market has played a crucial role in keeping people employed and sustaining consumer spending. However, job gains have slowed, and consumer spending has also decreased in the first quarter of the year.