The number of people seeking unemployment benefits rose only slightly last week, with the labor market remaining strong despite the Federal Reserve’s efforts to cool the economy and hiring.
The four-week average of applications, which smooths out some of the week-to-week swings, slipped just 250 to 221,000.Unemployment benefit applications are a proxy for layoffs, and are being closely monitored by economists as the Fed has rapidly raised interest rates in an effort to slow job growth and inflation. Should the Fed’s rate hikes cause a recession, as many economists fear, a jump in layoffs and unemployment claims would be an early sign.
So far, the level of jobless claims remains quite low, evidence that Americans are enjoying a high degree of job security. In the coming weeks, thousands of workers with temporary jobs during the winter holidays will lose work and apply for jobless aid. The government seeks to seasonally adjust the data to account for those job losses, but the adjustments are not always perfect and the layoff of temporary workers could distort the data.
So far, the interest rate increases have pushed mortgage rates above 6%, essentially double what they were before the Fed began tightening credit. Higher mortgage rates have hammered the housing market, with sales of existing homes falling for 10 straight months. Yet so far there has been only a limited impact on hiring. Employers added 263,000 jobs in November, a healthy gain, and the unemployment rate stayed at a low 3.7%.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Outbound lanes on Highway 225 closed for 2 hours following 18-wheeler rollover crash: HPDHouston police tweeted outbound lanes will be shut down for approximately two hours as they clean up.
Weiterlesen »
Deadline approaching for livestock feed aid applicationsThe deadline for a state program offsetting certain costs for Alaska livestock farmers is rapidly approaching.
Weiterlesen »
Applications for US unemployment aid rose slightly last weekThe number of people seeking unemployment benefits rose modestly last week, the latest sign that the labor market remains strong. Applications for unemployment aid for the week ending Dec. 24 climbed 9,000 to 225,000, the Labor Department reported.
Weiterlesen »
Disc golf course grand opening Saturday, Dec. 31The City of Tucson is holding a grand opening ceremony for a new disc golf course Saturday, Dec. 31 at the Chuck Ford Lakeside Park from 9 a.m. - 4 p.m.
Weiterlesen »