Posted 1/18/2024, 1:35:00 PM
Jobless Claims Drop to 16-Month Low, But Hiring Pullback Signals Labor Market Plateau
- Jobless claims fell to 187,000, the lowest level in 16 months, but the decline was exaggerated by a drop in New York related to school holidays
- Hiring pullback shows businesses are cautious, but demand is still supporting low unemployment
- Number of people continuing to collect unemployment benefits rose over past year, indicating it's taking longer to find jobs
- On an unadjusted basis, jobless claims were nearly equal to last year, signaling low layoff rate
- Economist doesn't expect significant labor market declines until the summer