The number of Americans applying for unemployment benefits remained relatively elevated last week.
WASHINGTON — The number of Americans applying for unemployment benefits remained relatively elevated last week, potentially another signal that Federal Reserve rate hikes are beginning to cool a surprisingly resilient labor market.
Jobless claims in the past three weeks have pushed closer to 300,000 after mostly being in the high 100,000 to low 200,000 range for since the fall of 2021. But that's likely not enough for Fed officials, who have said in the past that the unemployment rate needs to rise well past 4% to bring inflation down.
The rate hikes have slowly helped to suppress inflation, though perhaps not as quickly as intended. The labor market has remained unusually strong throughout the more than year-long rate hike campaign designed to cool it.
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