BREAKING NEWS: US Weekly Jobless Claims: 214K

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States reported that 214,000 workers filed for new unemployment benefits during the week ending Jan. 20, an increase of 25,000 from the previous week's revised level. The weekly claims are consistent with an overall low level of layoffs, despite recent cutbacks in the tech sector, as the unemployment rate has remained under 4 percent over the past two years.

About 1.8 million workers continue to claim unemployment benefits. The unemployment claims data supports the contention that employers across the workforce have reduced hiring but are not laying off workers. The labor market has showed remarkable resilience despite attempts by the Federal Reserve to slow the economy through a series of interest rate hikes.

Separately, the U.S. Department of Commerce announced today that the economy grew by 3.3 percent in the fourth quarter of 2023, a much stronger pace than economists expected. The growth caps a year of economic resilience as the nation avoided a projected recession.

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