Reported 5 months ago
The number of Americans filing for unemployment benefits decreased last week, with jobless claims falling to 215,000. Despite the Federal Reserve's efforts to loosen the labor market, layoffs remained historically low. The four-week average of claims rose slightly to 219,750, indicating stability in the job market. Even though the Fed raised interest rates in a bid to control inflation, the economy remains healthy with strong consumer spending. Job cuts have been announced by various companies recently, leading to a total of 1.79 million Americans collecting jobless benefits as of the week ending May 11.
Source: YAHOO