The Labor Department reported Thursday that jobless claims for the week ending July 6 fell by 17,000 to 222,000 from 239,000 the previous week.
Economists say that because so-called continuing claims have been on the rise in recent months, it suggests that some who are receiving unemployment benefits are finding it more challenging to land jobs.The four-week average of claims, which evens out some of the week-to-week volatility, fell by 5,250 to 233,500.
Many economists had expected the rapid rate hikes would trigger a recession, but so far that hasn’t happened, thanks in large part to strong consumer demand and a resilient labor market. As inflation continues to ease, the Fed's goal of a soft-landing — bringing down inflation without causing a recession and mass layoffs — appears within reach.
While the labor market remains historically healthy, recent government data suggest some softness creeping in.
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