Applications for U.S. unemployment benefits dip to 210,000, another sign the job market is strong

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The number of Americans signing up for unemployment benefits fell slightly last week, another sign that the labor market remains strong and most workers enjoy extraordinary job security.

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Applications for unemployment benefits are viewed as a proxy for layoffs and a sign of where the job market is headed. Despite high-profile job cuts at tech companies such as Google parent Alphabet, eBay and Cisco Systems, overall layoffs remain below pre-pandemic levels. The unemployment rate, 3.9% in February, has come in under 4% for 25 straight months, longest such streak since the 1960s.

Hiring has slowed from the breakneck pace of three years ago but remains strong: Employers added a record 604,000 jobs a month in 2021, 377,000 in 2022 and 251,000 last year. In February, job creation rose unexpectedly to 275,000.

 

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