The number of Americans filing for jobless benefits fell last week in a sign that the labor market remains strong. Applications for jobless benefits fell by 16, to , for the week ending January 25, the Labor Department said Thursday. Analysts were expecting , new applications. Weekly applications for jobless benefits are considered a proxy for layoffs.
The four-week average, which evens out some of the weekly volatility, ticked down by 1, to , Though some signs of labor market weakness surfaced in , jobs are still plentiful and layoffs historically low. Earlier this month, the Labor Department reported that job growth in December surged and unemployment fell. Employers added , jobs last month and the unemployment rate ticked down to 4.
The final jobs report of underscores that the economy and hiring were able to grow at a solid pace even with interest rates much higher than they were before the pandemic. On Wednesday, as expected, the Federal Reserve left its benchmark lending rate alone after issuing three cuts late in Fed officials are keeping their eyes on inflation and the labor market for signs of a potentially weakening economy.
They expect only two rate cuts this year, down from previous projections of four. Though layoffs remain healthy by historical standards, several high-profile companies have announced job cuts in the past few months. The total number of Americans receiving unemployment benefits for the week of January 18 fell by 42, to 1. Copyright The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Click here to take a moment and familiarize yourself with our Community Guidelines.
Fewer Americans apply for jobless benefits last week as labor market shows continued strength. Matt Ott Associated Press. Tags: Business.
