Fewer Americans Apply for Unemployment Assistance Last Week; Beauty giant Revlon files for bankruptcy

Fewer Americans applied for unemployment benefits last week as the US labor market remains strong in the face of rising inflation and interest rates.

Claims for unemployment assistance fell 3,000 to 229,000 for the week ending June 11, from 232,000 the previous week, the Labor Department reported Thursday. The first applications generally represent the number of layoffs.

The four-week average of claims, which dampens some of the week-to-week volatility, rose 2,750 from the previous week to 218,500.

The total number of Americans collecting unemployment benefits for the week ending June 4 was 1,312,000. That figure has hovered near 50-year lows for months.

The Labor Department reported last week that consumer prices jumped 8.6% last month — even more than in April — from a year earlier. The Federal Reserve reacted by raising its main borrowing rate by three-quarters of a point on Wednesday, its main tool in the fight against rising prices. Wednesday’s increase comes on top of a half-point increase at the start of May.

Beauty giant Revlon files for bankruptcy

Revlon, a cosmetics maker that broke racial barriers and dictated beauty trends for much of the last century, has filed for Chapter 11 bankruptcy.

The company has been a mainstay on store shelves since its founding 90 years ago in New York City, overseeing a stable of household names from Almay to Elizabeth Arden.

Revlon failed to keep pace with changing tastes, but was slow to keep up with women as they traded bright red lipstick for more muted tones in the 1990s.

As well as losing market share to big rivals like Procter & Gamble, new cosmetics lines from Kylie Jenner and other celebrities have successfully capitalized on the massive social media following of famous faces who showcased the products. .

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