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The number of Americans filing for unemployment benefits remained stable last week, indicating continued strength in the labor market despite challenges such as high interest rates and elevated inflation.
According to the latest report from the Labor Department, jobless claims for the week ending April 27 stayed at 208,000, unchanged from the previous week. This figure represents the lowest level since mid-February. The four-week average, which helps smooth out weekly fluctuations, dropped by 3,500 to 210,000.
Weekly unemployment claims are closely watched as an indicator of layoffs in the U.S. and provide insights into the overall health of the job market. Since the massive job losses during the spring of 2020 due to the pandemic, claims have consistently remained at historically low levels.
To combat high inflation, the Federal Reserve began raising its benchmark borrowing rate in March 2022. The Fed aimed to ease the labor market and reduce wage growth, which it believed were contributing to the persistent inflation.
Despite concerns from economists about the potential for a recession due to the rapid rate hikes, the job market has remained strong, supported by robust spending from U.S. consumers. In the previous month, U.S. employers added a surprising 303,000 jobs, showcasing the economy's resilience to high interest rates. The unemployment rate declined from 3.9% to 3.8%, remaining below 4% for a record 26 consecutive months, the longest streak since the 1960s.
However, there are signs that the labor market might be softening, as the government reported the lowest number of job openings in three years earlier this week, with 8.5 million vacancies.
While layoffs are still at low levels, there has been an increase in job cut announcements, particularly in the technology and media sectors. Companies like Google's parent Alphabet, Apple, and eBay have recently announced layoffs. Peloton has also cut jobs outside the tech and media industries.
In total, 1.77 million Americans were receiving jobless benefits in the week ending April 20, unchanged from the previous week.