Ticker: Jobless claims up, again; FDA panel recommends COVID vax update

The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s proved to be a resilient job market.

U.S. applications for jobless claims were 262,000 for the week ending June 10, the Labor Department reported Thursday, more than analysts were expecting. This week’s number mirrors last week’s, which was revised up by 1,000. The claims numbers for the past two weeks are the highest since October of 2021.

The four-week moving average of claims, which flattens some of the week-to-week fluctuations, rose by by more than 9,000 to 246,750. That’s the highest level since November of 2021.

U.S. employers have added jobs at a furious rate since more than 20 million jobs disappeared during the pandemic purge in the spring of 2020. Americans have enjoyed unusual job security, despite the Federal Reserve’s aggressive campaign to cool the economy and labor market in its bid to stifle persistently elevated inflation not seen since the early 1980s.

FDA panel recommends COVID vax update

The COVID-19 vaccines are on track for a big update this fall.

Today’s vaccines still contain the original coronavirus strain, the one that started the pandemic — even though that was long ago supplanted by mutated versions as the virus rapidly evolves.

Thursday, the Food and Drug Administration’s scientific advisers said the next round of shots in the U.S. should only include protection against the newest variants that are now dominant worldwide — a branch of the omicron family tree named XBB.

The FDA will make the final decision. Vaccine makers said during the meeting that they could have updated vaccines available within months, depending on the strain.