Slightly more Americans sought jobless aid last week
CBSN
The number of people seeking unemployment benefits rose only slightly last week — a sign the labor market remains strong despite the Federal Reserve's efforts to cool the economy.
Applications for unemployment aid for the week ending December 24 climbed 9,000 to 225,000, the Labor Department reported Thursday. The four-week average of applications, which smooths out some of the week-to-week swings, slipped just 250 to 221,000.
Unemployment benefit applications are a proxy for layoffs, and are being closely monitored by economists as the Fed has rapidly raised interest rates in an effort to slow job growth and inflation. Should the Fed's rate hikes cause a recession, as many economists fear, a jump in layoffs and unemployment claims would be an early sign.
