The number of Americans on unemployment aid has increased to the highest level since February. This suggests that more people are struggling to find jobs as the employment market cools down. The amount increased to 1.67 million in the last week of November. The report showed that the highest claims came from California, New York, Texas, Pennsylvania and Illinois. Companies have continued to cut jobs in preparation of an economic slowdown, Adobe cut 100 jobs this last Wednesday and fintech company Plaid cut its workforce by 20%. The applications for unemployment aid were 230,000 in the week to December 3, which is slightly higher than the previous week which stood at 226,000. We can expect this number to only increase in the future as the employment market cools down furtherer.
Source: Financial Times
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