Labor market shows signs of slowing down, with initial jobless claims in the United States soaring to nearly a one-year high last week, exceeding expectations

Signs of a slowdown in the US labor market emerged last week, with initial jobless claims soaring to nearly a year high of 249,000, surpassing expectations. The number of ongoing claims for unemployment benefits also rose to 1.88 million, the highest since November 2021. In recent months, the pace of hiring has slowed down, indicating a recovery to pre-pandemic levels in the labor market. Federal Reserve Chairman Powell stated that job growth has slowed, unemployment rates have risen, but the current unemployment rate remains relatively low, and data from the first half of the year does not indicate economic weakness. Meanwhile, layoffs have increased by 9%, but the majority of industries have seen lower layoff numbers compared to the same period last year. Recruitment plans so far this year are at their lowest level since 2012