Despite a slight increase in unemployment claims, the US labor market continues to show strength with low layoffs and healthy job growth.
More Americans filed unemployment claims last week, but the labor market remains healthy and layoffs are still relatively low. U.S. applications for jobless benefits rose by 11,000 to 219,000 for the week ending February 1, the Labor Department said Thursday. Analysts were projecting only 213,000 new applications. The four-week average, which smooths out some of the weekly volatility, rose by 4,000 to 216,750.
While the labor market did start to show some minor signs of weakness last year, jobs remain plentiful and layoffs historically low. Last month, the Labor Department reported that job growth in December surged and unemployment fell. Employers issued three cuts late in 2024. The final jobs report of 2024 showed that the economy and hiring were able to grow at a solid pace even with interest rates much higher than they were before the pandemic. The Labor Department will release January employment figures early Friday. Economists surveyed by FactSet believe that U.S. employers added 170,000 jobs in the first month of 2025, weaker than December but also still healthy. 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. Overall, while layoffs remain low by historical standards, a host of companies have announced job cuts already this year
LABOR MARKET UNEMPLOYMENT CLAIMS JOBS REPORT FEDERAL RESERVE ECONOMY
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