U.S. unemployment claims shoot up for first time in almost two months

CNN– Across the United States, first time jobless benefits claims shot up for the first time in nearly two months. The rate of new unemployment claims had been setting new pandemic-era lows each week since the beginning of May. Last week, however, it went up to 412,000.

The increase comes at a time when consumer prices are rising at record levels, leading analysts to worry about inflation. The Federal Reserve hinted Wednesday it may raise interest rates sooner than expected to try and control that inflation.