States reported that 187,000 workers filed for
new unemployment benefits during the week ending Jan. 13, a decrease of 16,000 from the previous week's revised level and the lowest level for claims since September 2022. The weekly claims are consistent with a low level of layoffs as the unemployment rate has remained under 4 percent over the past two years, despite high interest rates and inflation.
About 1.8 million workers continue to claim unemployment benefits, the lowest level since October 2023. The unemployment claims data supports the contention that employers are cutting back on hiring but not laying off workers, evidence of the steady cooling but still positive employment growth.
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