The number of Americans filing for unemployment benefits decreased last week, indicating a robust labor market. Applications for jobless claims dropped by 16,000 to 207,000 for the week ending January 25, surpassing analyst expectations. This positive trend follows a strong December jobs report with significant job growth and declining unemployment.
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Applications for jobless benefits fell by 16,000 to 207,000 for the week ending January 25, the Labor Department said Thursday. Analysts were expecting 225,000 new applications.The four-week average, which evens out some of the weekly volatility, ticked down by 1,000 to 212,500. Earlier this month, the Labor Department reported that job growth in December surged and unemployment fell. Employers added 256,000 jobs last month and the unemployment rate ticked down to 4.1%.
On Wednesday, as expected, the Federal Reserve left its benchmark lending rate alone after issuing three cuts late in 2024. 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.
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