US unemployment figures hold steady as labour market stays strong

Already a subscriber?The number of Americans filing for jobless benefits didn’t change last week as the labour market continues to defy efforts by the Federal Reserve to cool hiring.

The four-week average of claims, which softens some of the weekly volatility, was also unchanged at 214,500. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in a bid to stifle the four-decade high inflation that took hold after the economy rebounded from the COVID-19 recession of 2020. The Fed’s intention was to loosen the labour market and cool wage growth, which it said contributed to persistently high inflation.

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US jobless figures ease as labour market stays resilientApplications for unemployment insurance have remained subdued over the last year despite elevated interest rates and some signs of cooling in the labour market.
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