US jobless benefits applications fell last week with layoffs historically low
8 hours ago
- #unemployment
- #economy
- #job-market
- US jobless claims fell to 199,000 last week, below the forecast of 208,000.
- Layoffs remain historically low despite signs of a weakening labor market.
- Holiday-shortened weeks can distort unemployment benefit filings due to delayed claims.
- The unemployment rate rose to 4.6% in November, the highest since 2021.
- October job losses included a significant drop in federal workers due to payroll cuts.
- Labor Department revisions reduced August and September payrolls by 33,000 jobs.
- Hiring momentum has slowed, influenced by Trump's tariffs and high Fed interest rates.
- The Federal Reserve cut its benchmark rate for the third time, citing job market concerns.
- Companies like UPS, GM, Amazon, and Verizon have announced recent job cuts.
- The four-week average of jobless claims rose slightly to 218,750.