US jobless claims fall to 196,000, lowest since mid-July
WASHINGTON — The number of people applying for unemployment benefits dropped sharply last week, another sign that layoffs remain rare and most Americans enjoy job security. The Labor Department reported Thursday that jobless claims slid to 196,000, the fewest since mid-July and down from 206,000 the week before. The four-week average of claims, which smooths out week-to-week volatility, dropped…
The number of individuals filing for unemployment benefits plummeted significantly last week, indicating that layoffs remain a rarity and the majority of Americans maintain job security. According to the Labor Department's report released on Thursday, jobless claims plummeted to 196,000, the lowest figure since mid-July and a decrease from 206,000 the preceding week.
The four-week average of claims, which helps smooth out week-to-week fluctuations, also declined to 203,250. Economists had anticipated claims to be around 207,500, as per a survey conducted by the data firm FactSet.
Claims for unemployment benefits serve as an indicator of layoffs, and economists closely monitor them to gauge the trajectory of the job market. For the past year, claims have largely remained within a historically low range of 200,000 to 230,000 per week. Despite the rise in gasoline prices, which have pressured both businesses and consumers since the conflict with Iran commenced on February 28, the American job market has remained robust.
Layoffs continue to be minimal due to businesses' wariness stemming from the labor shortages that ensued following the conclusion of pandemic lockdowns. While they are hiring, it is a modest increase.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- US jobless claims fall to 196,000, lowest since mid-July koreatimes.co.kr
