Posted 12/28/2023, 1:39:47 PM
Jobless Claims Rise Slightly but Labor Market Remains Strong Despite Fed Rate Hikes
- Jobless claims rose to 218,000 last week but 4-week average fell to 212,000, indicating still-strong labor market
- 1.88 million Americans collecting jobless benefits currently
- Weekly claims remain at extraordinarily low levels despite high interest rates
- Fed has raised rates 11 times since March 2022 to fight inflation, but inflation easing and Fed signaling possible rate cuts in 2023
- Unemployment rate below 4% for 22 straight months and hiring still healthy, raising hopes of a Fed-engineered soft landing