More Americans apply for unemployment benefits but layoffs still historically low
ABC News
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
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 Thursday.
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.
