Applications for unemployment benefits dropped to a near-year low, indicating a strong labor market despite recent cooling. The Labor Department reported a decline to 201,000 for the week ending January 4th, the lowest since February 2023. While job creation has slowed, the number of open positions remains high, suggesting continued demand for workers.
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The overall numbers receiving unemployment benefits for the week of December 28 rose to 1.87 million, an increase of 33,000 from the previous week. When the Labor Department releases hiring numbers for December on Friday, they’re expected to show that employers added 160,000 jobs last month.in November, showing companies are still looking for workers even as the labor market has loosened. Openings rose to 8.1 million in November, the most since February and up from 7.8 million in October,
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