World News | US Applications for Jobless Benefits Fall to Lowest Level Since September 2022
Get latest articles and stories on World at LatestLY. The number of Americans applying for unemployment benefits last week fell to its lowest level in more than a year, underscoring the resilience of the labour market despite elevated interest rates that are intended to cool the economy.
New York, Jan 18 (AP) The number of Americans applying for unemployment benefits last week fell to its lowest level in more than a year, underscoring the resilience of the labour market despite elevated interest rates that are intended to cool the economy.
Jobless claim applications fell to 187,000 for the week ending January 13, a decrease of 16,000 from the previous week, the Labor Department reported Thursday. That's the fewest since September of 2022.
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The four-week average of claims, a less volatile reading, fell by 4,750 to 203,250. That's the lowest four-week average in almost a year.
Overall, 1.81 million Americans were collecting jobless benefits during the week that ended Jan. 6, a decline of 26,000 from the previous week.
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Weekly unemployment claims are viewed as representative for the number of US layoffs in a given week. They have remained at extraordinarily low levels despite high interest rates and elevated inflation.(AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)