US Unemployment Stays Low at 3.8% Despite Rate Hikes and Tech Layoffs

The US unemployment rate remains low at 3.8% despite interest rate hikes by the Federal Reserve to combat inflation. Tech companies like Google have conducted layoffs amid cost-cutting efforts.

The state unemployment rates range from 2-3%, with Wyoming having the highest at 2.9% and Alabama the lowest at 2.1% among the 20 states listed.

Several states like Hawaii, Arkansas, and Virginia have job creation initiatives in healthcare, manufacturing, and technology. Amazon plans to add 1,000 jobs in Virginia.

Labor shortages persist in some sectors like nursing in Alabama and the cannabis industry in Massachusetts despite the low unemployment rates.

The labor market remains resilient so far in the US overall, defying expectations of higher unemployment with rising interest rates. It remains to be seen how long this continues.