![jobs employment](https://floridapolitics.com/wp-content/uploads/2024/02/jobs-employment.jpg)
The number of Americans filing for jobless benefits rose last week to the highest level in 11 weeks, though layoffs remain at historically low levels.
Applications for unemployment benefits climbed to 224,000 for the week ending Jan. 27, an increase of 9,000 from the previous week, the Labor Department reported.
The four-week average of claims, a less volatile measure, rose by 5,250, to 207,750.
Weekly unemployment claims are seen as a proxy for the number of U.S. layoffs in a given week. They have remained at extraordinarily low levels despite efforts by the U.S. Federal Reserve to cool the economy.
The Federal Reserve raised its benchmark rate 11 times beginning in March of 2022 in an effort to squelch the four-decade high inflation that took hold after an unusually strong economic rebound from the COVID-19 recession of 2020.
The Fed has left rates alone at its last four meetings.
As the Fed rapidly jacked up rates in 2022, most analysts predicted that the U.S. economy would tip into recession. But the economy and the job market remained surprisingly resilient, with the unemployment rate staying below 4% for 23 straight months, the longest such streak since the 1960s.
The government issues its January jobs report on Friday.
Though layoffs remain at low levels, there has been an uptick in job cuts recently across technology and media.
Overall, 1.9 million Americans were collecting jobless benefits during the week that ended Jan. 20, an increase of 70,000 from the previous week. That’s the most since mid-November.
___
Republished with permission of The Associated Press.
3 comments
Impeach Biden
February 1, 2024 at 10:03 am
I guess we aren’t suppose to pay attention to this. Let CNN, MSNBC, etc. tell us how great Bidenomics is. The same networks don’t say boo about the Southern Border chaos.
Impeach Biden
February 1, 2024 at 10:32 am
I’m also unemployed BTW, and need to supplement my welfare checks by selling pics of my feet. 🦶🦶
Let me know if you’re interested.
Fentanyl isn’t cheap y’know.
Impeach Biden
February 1, 2024 at 10:53 am
The fake Impeach back at it again.
Comments are closed.