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.
Sluggish start for spring homebuying season as home sales fall in March with mortgage rates rising
Entrepreneur Helps Rural Women Shake off Poverty in Northwest China
Sharing the Power of Knowledge
Beauty of Chinese Culture Highlighted During Winter Olympics
Hanna and Haley Cavinder say they're returning for last season at Miami
Headmistress Committed to Primary School Education for Decades
Tianjin's cruise tourism industry set for post
La Liga reduces Barcelona's spending cap to €204m
The Arizona Coyotes are officially headed to Salt Lake City
Jets might have a tough call to make between a playmaker or protection at No. 10 in the NFL draft
A key plank in Britain's plan to send migrants to Rwanda is set to become law