Jobless claims fall despite mounting layoffs in tech sector
by Sylvan Lane - 01/26/23 10:05 AM ET
New first-time applications for jobless benefits fell last week, even as major technology and media companies announced thousands of layoffs, according to data released Thursday by the Labor Department.
In the week ending Jan. 21, initial claims for unemployment insurance totaled 186,000 after seasonal adjustments, down 6,000 from the previous week’s total of 190,000. Roughly 197,500 Americans filed to begin new cycles of jobless benefits each week over the past month, still well below pre-pandemic averages.
New weekly jobless claims are not necessarily a perfect reflection of layoffs, as some Americans who have lost their jobs may not have applied yet for unemployment benefits. The thousands of layoffs announced by companies such as Microsoft, Alphabet and Amazon are also relatively small in proportion to the natural churn of millions of layoffs and new hirings each year.
But experts say the persistence of low weekly jobless claims is a sign that laid-off workers still have plenty of chances to find new jobs in a resilient economy.
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https://thehill.com/policy/finance/3831439-jobless-claims-fall-despite-mounting-layoffs-in-tech-sector/
