US applications for jobless claims fall to lowest level in 9 weeks
Fewer Americans applied for unemployment benefits last week as the labor market continues to hold up despite higher interest rates imposed by the Federal Reserve in its bid to curb inflation.
The Labor Department reported Thursday that unemployment claims for the week ending April 20 fell by 5,000 to 207,000 from 212,000 the previous week. That’s the fewest since mid-February.
The four-week average of claims, which smooths out some of the weekly up-and-downs, ticked down by 1,250 to 213,250.
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 four years ago. The Fed’s intention was to loosen the labor market and slow wage growth, which it said contributed to persistently high inflation.
Related articles
Verona confirms Serie A status for another year after beating Salernitana
SALERNO, Italy (AP) — Verona secured a place in next year’s Serie A after beating Salernitana 2-1 on2024-05-21In pics: ruins of Subax buddhist temple in Xinjiang
A tourist visits the ruins of the Subax buddhist temple in Kuqa City of northwest China's Xinjiang U2024-05-21- WEIYUAN, Feb. 9 (Xinhua) -- Qiang sheep-skin drum dance, originated from a traditional activity of t2024-05-21
Shadow play introduced via online live
A shadow play is performed and shown to the audience via online live-streaming platforms in Haidian2024-05-21- DENVER (AP) — The Denver Nuggets couldn’t quiet an epic second-half comeback by Minnesota or the noi2024-05-21
Light decorations for upcoming Spring Festival in Xi'an
Aerial photo taken on Jan. 14, 2021 shows light decorations for the upcoming Spring Festival in Quji2024-05-21
atest comment