Posted 2/29/2024, 4:10:00 PM
Jobless Claims Spike While Layoffs Mount, Testing Resilient Labor Market
- Jobless claims jumped more than expected last week to 215,000, above economists' estimates
- Continuing claims hit 1.9 million for the week ended Feb. 17, the highest level since November
- The labor market has remained tight, defying expectations of a slowdown
- There has been a wave of notable layoffs recently at companies like Amazon, Citigroup, and Snap
- Job growth unexpectedly surged in January with 353,000 new jobs added, diminishing odds of a rate cut