The number of people seeking unemployment benefits in the U.S. reached a four-month low last week, a sign that employers are holding on to their workers despite the Federal Reserve’s efforts to slow the economy and tamp down inflation.
U.S. jobless aid applications for the week ending Jan. 14 fell by 15,000 to 190,000, from 205,000 the week before, the Labor Department said Thursday.
Jobless claims generally serve as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020.last year in a bid to slow job growth and bring down stubbornly high inflation.in December, evidence that the economy remains healthy even as the Fed is rapidly raising interest rates to try to slow economic growth and the pace of hiring. The unemployment rate fell to 3.5%, matching a 53-year low.
In forecasts updated last month, the Fed’s policymakers predicted slower growth and higher unemployment for next year and 2024. The unemployment rate is projected to jump to 4.6% by the end of 2023. That would mark a significant increase in joblessness and typically would reflect a recession, which many economists have predicted.
Mortgage rates are above 6%, essentially double what they were before the Fed began tightening credit. Higher mortgage rates have put the brakes on the housing market, with sales of existing homesThough the U.S. labor market remains robust, layoffs have been mounting in the technology sector, which is dealing with falling demand as inflation squeezes both businesses and families., almost 5% of its workforce, joining other tech companies that have scaled back their pandemic-era expansions.
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Fewer Americans file for jobless benefits last weekThe number of people seeking unemployment benefits in the U.S. reached a four-month low last week, a sign that employers are holding on to their workers despite the Federal Reserve’s efforts to slow the economy and tamp down inflation. U.S. jobless aid applications for the week ending Jan. 14 fell by 15,000 to 190,000, from 205,000 the week before, the Labor Department said Thursday. Jobless claims generally serve as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020.
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