U.S. applications for unemployment benefits fell last week to their lowest level in 16 weeks despite attempts by the Federal Reserve to slow the economy and bring down inflation.
| AP Business Writer
The four-week moving average of claims, which can even out the week-to-week volatility, declined by 6,500 to 206,000. The labor market is closely watched by the Federal Reserve, which raised interest rates seven times last year in a bid to slow job growth and bring down stubbornly high inflation.added a solid 223,000 jobs in December
Even though it was a solid report, December’s jobs data suggested that the labor market may be cooling in a way that could aid the Fed’s. It was the smallest gain in two years, and it extended a hiring slowdown that began last year. Average hourly pay growth eased to its slowest pace in 16 months. That slowdown could reduce pressure on employers to raise prices to offset their higher labor costs.predicted slower growth and higher unemployment for next year and 2024.
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