Posted 2/22/2024, 1:31:00 PM
Jobless Claims Hit 5-Week Low, But Labor Market Still Strong
- Jobless claims fell to 201,000 last week, reaching a 5-week low and showing the labor market remains strong
- Decline may have been exaggerated by a large drop in California unemployment filings due to holiday processing delays
- Jobless claims have ranged from 189,000-227,000 weekly in 2023, remarkably low historically
- Low unemployment likely to keep fueling consumer spending and prevent recession until Fed cuts rates later this year
- Number of people collecting unemployment benefits dipped to 1.86 million, though has been steadily rising since last year