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Initial jobless claims soar over 200,000 for eighth straight week

The Coinbase logo is displayed on screens in Times Square on April 14, 2021. Layoffs in the cryptocurrency industry helped fuel the rise in unemployment claims reported by the Labor Department on Thursday. File Photo by John Angelillo/UPI | <a href="/News_Photos/lp/cd39839638db2b70f415062a00fa9673/" target="_blank">License Photo</a>
The Coinbase logo is displayed on screens in Times Square on April 14, 2021. Layoffs in the cryptocurrency industry helped fuel the rise in unemployment claims reported by the Labor Department on Thursday. File Photo by John Angelillo/UPI | License Photo

July 7 (UPI) -- The number of people filing for unemployment insurance for the first time is on the rise with 4,000 more people applying for jobless claims last week than the week before, reaching the highest level since January, according to a new report by the Labor Department released Thursday.

Initial jobless claims reached a seasonally adjusted 235,000 for the week ending July 2, up from the revised total of 231,000 from the week before. First-time jobless filings have not been that high since the week ending Jan. 15, when 240,000 made initial applications.

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The rising jobless claims, likely sparked by layoffs from cryptocurrency companies and Netflix, are a sign that the economy is slowing down after the Federal Reserve started to increase interest rates to address soaring inflation.

First time unemployment claims had dropped to a pandemic low 166,000 on March 19. The total also marked the eighth straight week initial jobless claims topped 200,000.

The four-week moving average for initial claims rose to 232,500, an increase of 750 from the previous week's unrevised average of 231,750, the Labor Department said.

The number of people overall filing for unemployment insurance reached 1.375 million for the week ending June 25. That was an increase of 51,000 from the previous week.

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The four-week moving average overall filings was 1.335 million, up 16,500 from the previous week's revised average.

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