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More Americans filed unemployment claims last week, but the labour market remains healthy and there are still relatively few layoffs. US applications for jobless benefits rose by 11,000 to 219,000 for the week ending February 1, the Labour Department said Thursday. Analysts were projecting only 213,000 new applications. Weekly applications for jobless benefits are considered representative of layoffs. The four-week average, which evens out some of the weekly volatility, rose by 4,000 to 216,750. While the labour market did start to show some minor signs of weakness last year, jobs remain plentiful and layoffs historically low. Last month, the Labour Department reported that job growth in December surged and unemployment fell. Employers added 256,000 jobs in the final month of 2024 and the unemployment rate ticked down to 4.1 per cent. 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 w
The number of Americans applying for unemployment benefits fell to their lowest level in four months last week. Jobless claims slid by 12,000, to 219,000, for the week of Sept 14, the Labour Department reported Thursday. That's fewer than economist expectations for 230,000 new filings. The four-week average of claims, which evens out some of weekly volatility, fell by 3,500 to 227,500. The total number of Americans collecting jobless benefits fell by 14,000 to about 1.83 million for the week of Sept. 7. That's the fewest since early June. Weekly filings for unemployment benefits are considered largely representative of layoffs.
Hiring by America's employers picked up a bit in August from July's sluggish pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy. Employers added 142,000 jobs last month, up from a scant 89,000 in July, the Labour Department said on Friday. The unemployment rate ticked down to 4.2 per cent from 4.3 per cent in July, which had been the highest level in nearly three years. Collectively, Friday's figures depict a job market slowing under the pressure of high interest rates but still growing. Many employers are responding to the resilience of consumers, who stepped up their spending in July, even after adjusting for inflation. With inflation falling steadily back to the Federal Reserve's 2 per cent target, the Fed is preparing to cut its key interest rate from a 23-year high. Friday's mixed report on the job market raises the question of how large a cut the Fed will announce after it meets September 17-18.
The number of Americans applying for unemployment benefits last week fell to its lowest level in more than a year, underscoring the resilience of the labour market despite elevated interest rates that are intended to cool the economy. Jobless claim applications fell to 187,000 for the week ending January 13, a decrease of 16,000 from the previous week, the Labor Department reported Thursday. That's the fewest since September of 2022. The four-week average of claims, a less volatile reading, fell by 4,750 to 203,250. That's the lowest four-week average in almost a year. Overall, 1.81 million Americans were collecting jobless benefits during the week that ended Jan. 6, a decline of 26,000 from the previous week. Weekly unemployment claims are viewed as representative for the number of US layoffs in a given week. They have remained at extraordinarily low levels despite high interest rates and elevated inflation.