Number of Americans filing for jobless benefits drops last week
(MENAFN) The figures of US residents applying for jobless benefits dropped last week indicating the strength of the labor market.
The number of applications for jobless benefits dropped by 16,000 to 207,000 for the week which ends in the 25th of January as per the Labor Department announcement on Thursday. It was anticipated by experts that there would be 225,000 new applications.
Layoffs can be attributed to weekly jobless benefits applications.
The weekly volatility was mitigated by the decrease of 1,000 in the four-week average, which helps to balance out the fluctuation.
Although signs of labor market weakness appeared in 2024, jobs remain abundant and layoffs are at all-time low levels.
The Labor Department announced earlier this month that job growth in December sharply rose and unemployment dropped, with employers creating 256,000 jobs, caused the unemployment rate to drop to 4.1 percent.
The last jobs report of the last year highlights that both the economy and hiring managed to grow at a solid pace despite the elevation of interest rates compared to pre-pandemic levels.
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