Applications for U.S. unemployment benefits decreased by 22,000 to 220,000 for the week ending Dec. 14, the Labor Department reported Thursday. This decline follows a notable increase in claims the previous week. The number was lower than analysts' predictions of 229,000. Continuing claims, which track the total number of Americans still collecting jobless benefits, also dropped by 5,000 to 1.87 million for the week ending Dec. 7. This figure was also below analysts' expectations.
The four-week average of claims, which helps smooth out weekly volatility, rose by 1,250 to 225,500. Weekly jobless claims serve as a key indicator of layoffs in the U.S.Despite recent fluctuations in unemployment claims, the U.S. job market remains broadly healthy. The Federal Reserve's aggressive interest rate hikes since 2022, aimed at controlling inflation, have not significantly dampened employment conditions. While the job market has shown some signs of softening recently, it has proved more resilient than many experts had anticipated, considering the higher borrowing costs over the past few years.The Federal Reserve's actions have been focused on curbing inflation, which surged during the post-pandemic recovery. Although inflation has receded, reaching the central bank's target of two percent has proved challenging. The Fed made its third consecutive rate cut on Wednesday, signaling a shift in its approach to managing the economy.Earlier this month, government data revealed that U.S. job openings increased to 7.7 million in October, rebounding from a three-and-a-half-year low of 7.4 million in September. This suggests businesses are still actively seeking workers, despite a slowdown in hiring.In November, U.S. employers added a strong 227,000 jobs, significantly improving from the weak job growth of just 36,000 in October. The latter was affected by temporary disruptions, including strikes and hurricanes
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