States reported that 201,000 workers filed for
new unemployment benefits during the week ending Feb. 17, a decrease of 12,000 from the previous week's revised level. The weekly claims are consistent with an overall low level of job-cutting, despite recent high-profile layoff announcements, as the unemployment rate has remained under 4 percent over the past two years—the longest such streak since the 1960s.
About 1.86 million workers continue to claim unemployment benefits. The unemployment claims data supports the contention that employers are cutting back on hiring but 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 last year.
Comments
Post a Comment