The number of unemployment benefits claims filed in recent weeks has been the highest since Fall 2021. A large number of unemployment benefit applications indicates that the unemployment rate is most likely increasing. This is a positive sign that the Federal Reserve’s plan to increase the unemployment rate is working. The Federal Reserve has instilled policies to increase the unemployment rate and cool the labor market to lower inflation. However, the FED’s objective to cool the labor market is not as effective, as the labor market has remained strong with millions of jobs being added each month.
See "The FED’s plan to cool the economy is potentially taking effect as unemployment benefits claims have stayed high", Matt Ott, ABC News, June 22, 2023