Unemployment Claims Hit 11-Week High But Job Market Remains Resilient
• Applications for unemployment benefits rose last week to 224,000, the highest level in 11 weeks • Layoffs remain at historically low levels despite Fed interest rate hikes to cool inflation • Inflation eased over the past year but still remains above the Fed's 2% target • The job market and economy have been resilient, with unemployment below 4% for 23 straight months • Some companies like Google, eBay, and Macy's have recently announced layoffs