Unemployment Applications Drop as Job Market Stays Strong; Fed Signals Possible Rate Cuts
• Applications for unemployment benefits fell last week to 202,000 as the labor market continues to be strong • About 1.88 million people were collecting unemployment benefits the week ending Dec. 2 • Jobless claim applications show the number of layoffs in a given week • The Federal Reserve kept interest rates unchanged and signaled 3 rate cuts next year, moving closer to ending hikes • U.S. added 199,000 jobs last month and unemployment rate fell to 3.7%, signs the economy could achieve a soft landing