Current:Home > MyUS applications for jobless claims hold at healthy levels-LoTradeCoin
US applications for jobless claims hold at healthy levels
View Date:2024-12-23 22:31:31
U.S. applications for jobless benefits were unchanged last week, settling at a healthy level as the labor market continues to show strength in the face of elevated interest rates.
Unemployment claims for the week ending March 2 were 217,000, matching the previous week’s revised level, the Labor Department reported Thursday.
The four-week average of claims, a less volatile measure, fell by 750 from the previous week to 212,250.
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.
In total, 1.9 million Americans were collecting jobless benefits during the week that ended Feb. 24, an increase of 8,000 from the previous week and the most since November.
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! (52194)
Related
- Burger King's 'Million Dollar Whopper' finalists: How to try and vote on your favorite
- What to know for WWE Royal Rumble 2024: Date, time, how to watch, match card and more
- Burton Wilde: Detailed Introduction of Lane Wealth Club
- Tony Romo once again jumps the gun on Taylor Swift and Travis Kelce's relationship
- Spirit Airlines cancels release of Q3 financial results as debt restructuring talks heat up
- Lawsuit alleges HIV-positive inmate died after being denied medication at Northern California jail
- Burton Wilde: Effective Hedging Strategies in the US Stock Market
- Rhode Island transportation officials say key bridge may need to be completely demolished
- Denzel Washington teases retirement — and a role in 'Black Panther 3'
- Ex-Army soldier charged in Capitol riot was convicted of manslaughter for killing Iraqi man in 2004
Ranking
- Republican Scott Baugh concedes to Democrat Dave Min in critical California House race
- US Supreme Court won’t overrule federal judges’ order to redraw Detroit legislative seats
- Saudi Arabia hears dozens of countries critique its human rights record at the UN in Geneva
- Strong magnitude 7.1 earthquake strikes remote western China, state media says
- Roy Haynes, Grammy-winning jazz drummer, dies at 99: Reports
- Proof Kylie Jenner Is Bonding With Kourtney Kardashian's Stepdaughter Atiana De La Hoya
- What to know for WWE Royal Rumble 2024: Date, time, how to watch, match card and more
- Jason Kelce takes focus off Taylor Swift during first public appearance together
Recommendation
-
Judge moves to slash $38 million verdict in New Hampshire youth center abuse case
-
DeSantis Called for “Energy Dominance” During White House Run. His Plan Still is Relevant to Floridians, Who Face Intensifying Climate Impacts
-
See Katy Perry and Orlando Bloom Transform Into Aliens With Wild Facial Prosthetics
-
In Washington state, pharmacists are poised to start prescribing abortion drugs
-
Kristin Cavallari's Ex Mark Estes Jokingly Proposed to This Love Island USA Star
-
Dan Morgan hired as general manager of Carolina Panthers
-
32 things we learned in NFL divisional playoffs: More Patrick Mahomes, Travis Kelce magic
-
Appeals court reverses judge’s ruling, orders appointment of independent examiner in FTX bankruptcy