HomeInsuranceUS continuing jobless claims rise for 7th straight week

US continuing jobless claims rise for 7th straight week

Recurring applications for U.S. unemployment benefits rose for a seventh straight week, adding to evidence that the labor market is cooling.

Continuing jobless claims, a proxy for the number of people receiving unemployment benefits, increased to 1.83 million in the week ended Oct. 28, the highest since mid-April, according to Labor Department data out Thursday.

Initial claims ticked lower to 217,000 in the week ending Nov. 4. The four-week moving average, which smooths out some of the volatility in the weekly data, rose to 212,250.

The recent pickup in continuing claims suggests unemployed workers are increasingly having a harder time finding new jobs. Demand for workers is retreating from unprecedented pandemic levels and the unemployment rate now stands at the highest level in nearly two years.

— Bloomberg News

Walgreens prepares for 267 corporate layoffs

Walgreens is preparing to lay off 5% of its Chicago-based corporate workforce, the company confirmed Thursday.

The cuts amount to 267 layoffs, which will narrow down the staff at Walgreens’ corporate headquarters in Deerfield.

None of the layoffs will impact retail employees at Walgreens stores. Workers at call centers and micro fulfillment centers will not be part of this round of layoffs either.

Walgreens currently has about 238,000 employees worldwide.

The layoffs are one of the pharmacy retail giant’s first strategic moves under new CEO Tim Wentworth, who stepped into his role Oct. 23. Wentworth was most recently CEO of Evernorth, the health services arm of insurance company Cigna.

— Chicago Tribune

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