US jobless claims near highest level since November

Applications for unemployment benefits in the US increased slightly last week, nearing the highest level since November. According to data from the US Department of Labor, applications increased by 6,000 to 260,000 in the week ending July 30. The median estimate of economists who participated in a Bloomberg survey was also 260,000. Thus, applications were near the highest level since November. Continuing applications rose to 1.42 million in the week ending July 23. This is the highest level since April. Applications have been on the rise for the last few months as many companies, especially large technology companies, have laid off workers and reduced hiring due to uncertainties in the economy. This upward trend may continue as the Fed continues to hike interest rates to reduce inflation, which has reached a 40-year high. Nonfarm payrolls data to be released in the country on Friday is expected to increase by 250,000, while the unemployment rate is expected to remain at its lowest level in 50 years. According to other data released today, the country's foreign trade deficit narrowed in June.