New unemployment claims in the US decreased to their lowest point in eight months, signaling a strong labor market and potential for fewer interest rate cuts by the Federal Reserve.
The number of Americans filing new applications for unemployment benefits dropped to an eight-month low last week, pointing to low layoffs at the end of 2024 and consistent with a still healthy labor market . The report from the Labor Department on Thursday added to a recent raft of upbeat economic data, including consumer spending, in reinforcing the Federal Reserve 's projections for fewer interest rate cuts this year. Labor market resilience is keeping the economic expansion on track.
A stable job market will squelch the Fed's appetite for cutting rates aggressively amid nagging services inflation. Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 211,000 for the week ended Dec. 28, 2024, the lowest level since April 2024. Economists polled by Reuters had forecast 222,000 claims for the latest week. There were sharp declines in unadjusted claims in California and Texa
UNEMPLOYMENT LABOR MARKET FEDERAL RESERVE INTEREST RATES ECONOMIC DATA
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