Posted 4/11/2024, 12:38:54 PM
Jobless Claims Remain Low Despite Some Layoffs; Labor Market Still Seen as Strong
- Weekly jobless claims fell by 11,000 to 211,000, showing the labor market continues to be strong despite higher interest rates
- The 4-week average of claims fell to 214,250, hovering near historically low levels since the 2020 pandemic job losses
- The unemployment rate dipped to 3.8% in March and has stayed under 4% for over 2 years, the longest streak since the 1960s
- Although layoffs remain low, several major companies recently announced job cuts, especially in tech and media sectors
- 1.82 million Americans were collecting jobless benefits in late March, a small increase but the most since January