Reported about 7 hours ago
US applications for unemployment benefits decreased last week as employers retain workers despite an economic slowdown. The Labor Department reported a drop of 5,000 applications, bringing the total to 229,000. While layoffs remain low, hiring has also weakened, leading to a 'no hire, no fire' economy. The unemployment rate is currently at a low 4.2%, but job growth has significantly slowed compared to last year. The Federal Reserve may consider cutting interest rates in response to the sluggish job market.
Source: YAHOO