Reported 7 months ago
The number of Americans filing for jobless benefits surged to the highest level in 10 months, with unemployment benefit applications rising by 13,000 to 242,000. This increase signals a potential cooling in the labor market due to high interest rates. While layoffs have remained historically low, this rise in claims may indicate challenges in finding new jobs. The Federal Reserve's rapid rate hikes aimed to tackle high inflation have not yet triggered a recession thanks to strong consumer demand and a resilient labor market, although sustained layoffs could impact interest rate decisions.
Source: YAHOO