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U.S. weekly jobless claims increase; layoffs hit 16-month high in June

WASHINGTON (Reuters) -The number of Americans filing new claims for unemployment benefits unexpectedly rose last week and there are growing signs that demand for labor is cooling, with layoffs surging to a 16-month high in June as the Federal Reserve’s aggressive monetary policy tightening stokes recession fears. But the weekly jobless claims data from the Labor Department on Thursday was likely distorted by Monday’s Independence Day holiday, which resulted in several states, including California, submitting estimates. “This is what the Fed wants, but it needs to be orderly to avoid an increase in recession risks,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania.

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