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Steady Jobless Claims Show Labor Market Remains Strong

New filings for US unemployment benefits fell slightly last week, indicating a robust labor market despite large companies announcing layoffs.

  • New filings for unemployment benefits fell slightly by 1,000 last week to 191,000, indicating a strong labor market.
  • Large employers in interest-rate sensitive industries, such as Amazon and Meta Platforms, have cut jobs, but there hasn't been an uptick in filings for unemployment benefits.
  • Continuing claims increased by 14,000 to 1.69 million in the week ended March 11, indicating some beneficiaries are taking longer to find new jobs.
  • The Fed approved another quarter-percentage-point interest-rate increase on Wednesday, bringing its benchmark federal-funds rate to the highest level since September 2007.
  • Hiring in some sectors remains strong, including by restaurants and retailers, while consumer sentiment fell in March and national median existing-home sale price fell in February.
Steady Jobless Claims Show Labor Market Remains Strong
New applications for unemployment benefits fell by 1,000 last week