The numbers: The number of Americans who applied for unemployment benefits last week fell by 12,000 to 237,000, indicating most companies are reluctant to fire workers despite a slower economy.Unemployment claims typically rise when the economy... The numbers: The number of Americans who applied for unemployment benefits last week fell by 12,000 to 237,000, indicating most companies are reluctant to fire workers despite a slower economy.
Big picture: The economy has lost some steam since the Federal Reserve began to jack up interest rates last year, but it’s still growing and producing plenty of new jobs. Even better, inflation is slowing. Yet inflation is still running far too high for the Fed, in part because of rising wages spawned by the worst labor shortage in decades.
The central bank is watching wages closely to determine whether it needs to keep raising interest rates — and risk triggering a recession. Market reaction: The Dow Jones Industrial Average DJIA and S&P 500 SPX were set to open higher in Thursday trades.