American Jobless Benefits Applications Stay Low Amid Robust Labor Market: By the following Thursday, the number of Americans since day one job got down but stayed at a historically low level most of historical overview as the labor market is profitable despite points of distortion.
American Jobless Benefits Applications Stay Low Amid Robust Labor Market
Claims for unemployment benefits filed with the Labor Department for the week ended March 9th, declined by 1,000 to 209,000 from the week before, a fresh new low in 2024.
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By the second-week mark in March, the average of four weeks reached 208,000—an improvement of 500 from last week.
A total of 1.81 million people were on the jobless rolls till they were laid off after being gone for a year and a day. That was an increase risqué business up in 17,000 from the week before last. Last week’s total, which had been the most since November, was revised down to 112,000.
Weekly unemployment claims are a proxy for U.S. Certainly, demobilization remains at historically low levels since the spring of 2020 when the pandemic laid waste to millions of jobs.
Beginning in March 2022, the Federal Reserve raised its benchmark overnight borrowing rate 11 times in an effort to bring down inflation. And while wages have remained high since 2020—last year, wages grew at their fastest clip this past decade—part of the Fed’s objective was to as ultimately hammer the labor market in reestablishing more moderate rates of wage growth. It believed this would help to get inflation back down toward sustainable range.
To some economists, that meant rapid rate hikes would choke off growth and could land the country into recession. But that hasn’t happened up to now. Jobs still become available in large numbers and the economy has held its ground better than expected because of considerable consumer spending.
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In February, the U.S. created an unexpected 275,000 jobs, confirming once more its robustness under a high interest rate environment.
Also in February, the unemployment rate rose by two-tenths of a point to 3.9 percent, its highest level for two years. This is still low compared with historical norms; a fact apparently not lost on the public in this era of employment insecurity. Meanwhile, it was the 25th straight month whereby joblessness has stayed below 4% — the longest such period since the 1960s.
Undoubtedly, the unemployment rate is still 3.9 percent, having now been below 4 percent for 25 straight months, the longest such stretch since the 1960s.
Layoffs continue at low levels, but there has been an uptick recently in job cuts, mostly within technology and media. Against this backdrop, Google parent company Alphabet, eBay, TikTok, Snap, and Cisco Systems, and the Los Angeles Times have all recently announced staff sacking sin.
Beyond the technology and media field, Apple, UPS, Macy’s and Levi’s have recently Let workers go, too.
