Jobless Claims Rise in the US, but Layoffs Remain Stable

The number of Americans applying for jobless benefits increased slightly last week, but layoffs have not seen a significant rise. The U.S. economy has been adding jobs at a rapid pace since the pandemic hit, resulting in a worker-friendly labor environment. The Federal Reserve's attempt to cool the labor market by raising interest rates has not had a major impact. The June jobs report is expected to provide more insight into the labor market. Despite recent high-profile layoffs in the technology sector, the overall economy has remained resilient, with a 2% growth rate in the first quarter. The Fed is likely to continue with rate hikes to combat inflation.