Current:Home > StocksUS applications for jobless benefits rise but remain historically low despite recent layoffs-LoTradeCoin
US applications for jobless benefits rise but remain historically low despite recent layoffs
View Date:2024-12-24 00:10:42
More Americans applied for jobless benefits last week, but layoffs remain historically low even as more high-profile companies have announced job cuts this year.
Applications for unemployment benefits rose by 13,000 to 215,000 for the week ending Feb. 24, the Labor Department reported Thursday. Last week’s number was revised up by 1,000 to 202,000.
In total, 1.9 million Americans were collecting jobless benefits during the week that ended Feb. 17, up 45,000 from the previous week and the most since November.
Weekly unemployment claims are broadly viewed as representative of the number of U.S. layoffs in a given week. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020.
The four-week average of claims, a less volatile measure, fell by 3,000 to 212,500 from the previous week.
The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an effort to bring down the four-decade high inflation that took hold after the economy roared back from the COVID-19 recession of 2020. Part of the Fed’s goal was to loosen the labor market and cool wage growth, which it believes contributed to persistently high inflation.
Many economists thought the rapid rate hikes could potentially tip the country into recession, but that hasn’t happened. Jobs have remained plentiful and the economy has held up better than expected thanks to strong consumer spending.
U.S. employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades.
The unemployment rate is 3.7%, and has been below 4% for 24 straight months, the longest such streak since the 1960s.
The Labor Department issues its February jobs report on Friday.
Though layoffs remain at low levels, there has been an uptick in job cuts recently, mostly across technology and media. Google parent company Alphabet, eBay, TikTok, Snap, and Cisco Systems and the Los Angeles Times have all recently announced layoffs.
Outside of tech and media, UPS, Macy’s and Levi’s also recently cut jobs.
veryGood! (2326)
Related
- The Masked Singer's Ice King Might Be a Jonas Brother
- The surfing venue for the Paris Olympics is on the other side of the world but could steal the show
- Excerpts of Supreme Court opinions by Sandra Day O’Connor
- Sandra Day O'Connor, first woman on the Supreme Court, dies at 93
- US inflation may have picked up in October after months of easing
- Mississippi sheriff changes policies after violent abuse. Victims say it’s to escape accountability
- America Ferrera Says It's Ridiculous How Her Body Was Perceived in Hollywood
- Breaking down the 7 biggest games of college football's final weekend
- Tesla Cybertruck modifications upgrade EV to a sci-fi police vehicle
- Biden campaign rips Trump's health care policies in new ad
Ranking
- What Just Happened to the Idea of Progress?
- The Bachelor Alum Matt James’ Holiday Gift Ideas Will Impress Any Guy in Your Life
- Tougher penalties for rioting, power station attacks among new North Carolina laws starting Friday
- Coach Outlet’s 12 Days of Deals Sale: Unwrap Up to 70% Off on Bags & More this Holiday Season
- What does the top five look like and other questions facing the College Football Playoff committee
- This week on Sunday Morning (December 3)
- Lawsuits against Trump over the Jan. 6 riot can move forward, an appeals court rules
- EPA aims to slash the oil industry's climate-warming methane pollution
Recommendation
-
Watch as massive amount of crabs scamper across Australian island: 'It's quite weird'
-
Why Fatherhood Made Chad Michael Murray Ready For a One Tree Hill Reboot
-
Has COP28 President Sultan al-Jaber Used the UN Climate Summit to Advance the Interests of UAE’s Oil Company?
-
Detroit Red Wings captain Dylan Larkin: Wife and I lost baby due in April
-
The Army’s answer to a lack of recruits is a prep course to boost low scores. It’s working
-
J.Crew, Coach Outlet, Ulta & 20 More Sales You Must Shop This Weekend
-
Uzo Aduba Gives Birth, Welcomes First Baby With Husband Robert Sweeting
-
A world away from the West Bank, Vermont shooting victims and their families face new grief and fear