(NewsNation) – The number of Americans applying for unemployment benefits last week ticked down amid fears of a recession.
The latest report issued by Department of Labor on Thursday showed jobless claims fell by 2,000 to 250,000. The four-week average of claims, which levels out week-to-week volatility, fell by 2,750 to 246,760.
This comes as America’s employer added 528,000 jobs in July and the unemployment rate edged down to 3.5%, lower than four past jobs report and the lowest level since the pandemic erupted two years ago.
Inflation continues to cause severe hardship for many families. Although the price of gasoline has come down from its height, food, rent, used cars and other necessities have become more expensive, beyond any increase in the wages of most workers.
Despite the still strong job market, the US economy shrink in the first half of 2022, raising fears of a potential recession. Growth has been weakening largely as a consequence Aggressive interest rate hikes by the Federal Reservewhich is intended to cool the economy and tame high inflation.
This story is developing. Refresh for updates.
The Associated Press contributed to this report.