U.S. weekly unemployment claims inch down as labour market remains tight

The labour market continues to defy Federal Reserve attempts to cool hiring, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels.

Fed Chair Jerome Powell stressed that the central bank remains focused on fighting high inflation, which could require additional rate hikes. Inflation remains more than double the Fed’s 2 per cent target, and the economy is growing and adding jobs at a healthy clip. Though the U.S. labour market remains strong, layoffs have been mounting in the technology sector, where many companies hired aggressively during the pandemic. IBM, Microsoft, Salesforce, Twitter and DoorDash have all announced layoffs in recent months.

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