More Americans are filing for unemployment claims exponentially as fears of a recession linger.
According to the US Department of Labor, applications rose to 260,000 for the week of July 30, nearly 6,000 more than the 254,000 registered the week before.
The four-week ‘moving average’ saw an increase of 6,000 from the previous week to 254,750.
Meanwhile, for the week of July 23, 1,416,000 claims were reported, up from 48,000 the week before.
More Americans are filing for unemployment claims as the number of applications rose to 260,000 for the week of July 30, nearly 6,000 more than the 254,000 registered the week before, according to the U.S. Department of Labor.
The number of jobless applications increased in the last week of July as the number of vacancies decreased in June
On Tuesdays the Labor Department also announced that the number of vacancies in June fell from 11.3 million in May to 10.7 million.
Jobs plunged below 11 million in vacancies in June, the first since November. The number of people who left their jobs fell to 4.2 million in June, while the number of layoffs totaled 1.3 million.
The number of layoffs in June fell in the wholesale, finance, insurance and federal government sectors.
The job sectors with the highest number of people leaving include transportation, warehousing and utilities, manufacturing of durable goods and educational services.
In June, workplace vacancies rose in places with 1,000 to 4,999 employees, according to the report. Coincidentally, hiring in workplaces fell by 1,000 to 4,999 employees and companies with 5,000 or more employees.
In June, the number of jobs fell below 11 million for the first time since November. About 4.2 million left their jobs, while another 1.3 million were laid off
While the future of the job market remains uncertain, some major companies have already taken massive layoffs, including Tesla, Netflix, Carvana and Redfin, according to the Associated Press.
Tesla announced in June that the company would be cutting approximately 200 employees from its San Mateo, California office.
The company said at least 195 of the office location’s 276 employees were told their positions had been eliminated, while those who remained were told they would be moved, according to TechCrunch.
The layoffs were considered “moderately low-skilled, low-paid” workers who often performed tasks such as determining whether the company’s driver assistance program correctly identified objects.
CEO Elon Musk said in an interview at the time that he plans to cut about 10 percent of the company’s payroll and hire more employees per hour instead.
The billionaire sent an internal email earlier this month pointing out the need for austerity amid bleak economic prospects due to inflation and Ukraine’s brutal war. Musk himself said he had a “super bad feeling” about the economy.
CEO Elon Musk said in an interview that he plans to cut about 10 percent of the company’s payroll and hire more employees per hour instead.
Tesla is cutting about 200 employees from its San Mateo, California office as part of ongoing cuts by the electric car giants that will close the location altogether