Jobless Claims Hit 5-Week Low as Labor Market Stays Strong Despite Some Tech, Media Layoffs
• Applications for unemployment benefits fell to 201,000 last week, the lowest in 5 weeks • The 4-week average of claims fell to 215,250, showing a downward trend • Jobless claims remain at historically low levels despite Fed interest rate hikes to cool the economy • The labor market continues to be strong with 353,000 jobs added in January • Though overall layoffs are low, some big tech and media companies recently announced job cuts