Layoffs remain historically low as the labor market continues to be largely unaffected by the Federal Reserve’s interest rate hikes.
A hiring sign is displayed at a retail store in Mount Prospect, Illinois, Friday, Jan. 13, 2023.The number of Americans applying for unemployment benefits last week jumped by the most in five months, but layoffs remain historically low as the labor market continues to be largely unaffected by the Federal Reserve’s interest rate hikes.
The four-week moving average of claims, which flattens out some of the weekly ups and downs, rose by 4,000 to 197,000, remaining below the 200,000 threshold for the seventh straight week.Last month the Fed raised its main lending rate by 25 basis points, the eighth straight rate hike in its year-long battle against stubborn inflation. The central bank’s benchmark rate is now in a range of 4.5% to 4.
Last month, the government reported that employers added a better-than-expected 517,000 jobs in January and that the unemployment rate dipped to 3.4%, the lowest level since 1969. Analysts expect Friday’s jobs report to show the U.S. economy added another 208,000 jobs in February.
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