US applications for jobless benefits fall to lowest level in 3 months
The number of Americans applying for unemployment benefits inched down to its lowest level in nearly three months last week as the U.S. labor market continues to flex its muscle in spite of elevated interest rates
ByMATT OTT AP business writer
January 11, 2024, 7:41 AM
The number of Americans applying for unemployment benefits inched down to its lowest level in nearly three months last week as the U.S. labor market continues to flex its muscle in spite of elevated interest rates.
Jobless claim applications fell to 202,000 for the week ending Jan. 6, down by 1,000 from the previous week, the Labor Department reported Thursday. The four-week average of claims, which evens out some of the week-to-week volatility, ticked down by 250 to 207,750.
Weekly unemployment claims are a proxy for layoffs. They have remained at extraordinarily low levels in the face of high interest rates and elevated inflation.
In an effort to stomp out the four-decade high inflation that took hold after an unusually strong economic rebound from the COVID-19 recession of 2020, the Federal Reserve raised its benchmark rate 11 times since March of 2022.
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