QVMS - Average Weekly Initial Claims Continue To Drift Higher

• Initial claims for regular state unemployment insurance fell 2,000 for the week ending June 18, coming in at 229,000.
• The Russian invasion of Ukraine sustained elevated price increases, and an intensifying Fed tightening cycle represent risks to the economic outlook.
• Labor shortages and turnover, along with materials shortages, logistical issues, and supply chain disruptions are likely to continue to hamper the growth in production across the economy and sustain upward pressure on prices.

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