Current:Home > FinanceThe number of Americans applying for jobless benefits holds steady as labor market remains strong-LoTradeCoin
The number of Americans applying for jobless benefits holds steady as labor market remains strong
View Date:2024-12-23 23:29:37
The number of Americans filing for jobless benefits didn’t change last week as the labor market continues to defy efforts by the Federal Reserve to cool hiring.
The Labor Department reported Thursday that unemployment claims for the week ending April 13 were unchanged from the previous week’s 212,000.
The four-week average of claims, which softens some of the weekly volatility, was also unchanged at 214,500.
Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020.
The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in a bid to stifle the four-decade high inflation that took hold after the economy rebounded from the COVID-19 recession of 2020. The Fed’s intention was to loosen the labor market and cool wage growth, which it said contributed to persistently high inflation.
Many economists thought there was a chance the rapid rate hikes could cause a recession, but jobs have remained plentiful and the economy forged on thanks to strong consumer spending.
Last month, U.S. employers added a surprising 303,000 jobs, yet another example of the U.S. economy’s resilience in the face of high interest rates. The unemployment rate dipped from 3.9% to 3.8% and has now remained below 4% for 26 straight months, the longest such streak since the 1960s.
Though layoffs remain at low levels, companies have been announcing more job cuts recently, mostly across technology and media. Google parent company Alphabet, Apple, eBay, TikTok, Snap, Amazon, Cisco Systems and the Los Angeles Times have all recently announced layoffs.
Outside of tech and media, UPS, Macy’s, Tesla and Levi Strauss also have recently cut jobs.
In total, 1.81 million Americans were collecting jobless benefits during the week that ended April 6, an increase of 2,000 from the previous week.
veryGood! (169)
Related
- Mariah Carey's Amazon Holiday Merch Is All I Want for Christmas—and It's Selling Out Fast!
- Las Vegas police search for suspect after 5 homeless people are shot, killing 2
- Klete Keller, Olympic gold medalist swimmer, gets 6 months in home detention for Jan. 6 Capitol riot
- How to share Wi-Fi passwords easily from iPhone, other devices
- A crowd of strangers brought 613 cakes and then set out to eat them
- Henry Kissinger's life in photos
- Officials: Detroit paramedic who struck parked vehicles was under influence of alcohol
- This week on Sunday Morning (December 3)
- Why Game of Thrones' Maisie Williams May Be Rejoining the George R.R. Martin Universe
- Nickel ore processing plant that will supply Tesla strikes deal to spend $115M in federal funds
Ranking
- Shaun White Reveals How He and Fiancée Nina Dobrev Overcome Struggles in Their Relationship
- How Glee’s Kevin McHale and Jenna Ushkowitz’s New Project Will Honor Naya Rivera’s Voice
- Why NFL Analyst Tony Gonzalez Is Thanking Taylor Swift
- Agriculture officials confirm 25th case of cattle anthrax in North Dakota this year
- Jana Kramer’s Ex Mike Caussin Shares Resentment Over Her Child Support Payments
- Somali maritime police intensify patrols as fears grow of resurgence of piracy in the Gulf of Aden
- Woman survives falling hundreds of feet on Mt. Hood: I owe them my life
- Why Fatherhood Made Chad Michael Murray Ready For a One Tree Hill Reboot
Recommendation
-
FC Cincinnati player Marco Angulo dies at 22 after injuries from October crash
-
Israel intensifies its assault on southern Gaza, causing renewed concern about civilian deaths
-
Woman survives falling hundreds of feet on Mt. Hood: I owe them my life
-
A UN court is ruling on request to order Venezuela to halt part of a referendum on a disputed region
-
Catholic bishops urged to boldly share church teachings — even unpopular ones
-
Horoscopes Today, December 1, 2023
-
Mexico’s minimum wage will rise by 20% next year, to about $14.25 per day
-
Massachusetts GOP lawmakers block money for temporary shelters for migrant homeless families