Unemployment claims rise to 240,000, highest since August

Unemployment claims rise to 240,000, highest since August

Nov 24, 2022 by Moneywatch - CBSNews.com

Key Facts

  • MoneyWatch November 23, 2022 / 10:04 AM / CBS/AP The number of Americans applying for unemployment benefits rose to the highest level since August, although it remains low by historic standards.
  • The Fed has already raised its benchmark interest rate six times since March, dragging down stock valuations and leading the housing market to buckle under the strain of mortgage rates that have doubled from a year ago.
  • "All companies benefit from low borrowing costs, but tech in particular has benefited from low borrowing costs because so much of their revenue is projected in the future.
  • Massive layoffs at Meta indicate Silicon Valley woes 02:34 Hiring overall has remained solid, with employers adding 261,000 jobs last month and are creating an average of nearly 407,000 a month this year — on pace to make 2022 the second-best year for hiring (after 2021) in government records going back to 1940.

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