(WHTM) — More Americans are filing for jobless benefits, putting the United States on track for a large spike in the unemployment rate.

Jobless claims rose by 7,000 last week compared to the week before, which aligns with the Federal Reserve’s projection that the national unemployment rate will reach 4.5% by the end of 2023.

Some major companies have even stepped up layoffs in recent weeks and months, including Amazon, IBM, Microsoft, Twitter, and Meta.