Jobless claims fall to 3 1/2-month low of 204,000 in sign U.S. labor market still too hot for the Fed

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The number of Americans who applied for unemployment benefits in the last week of 2022 fell to a three-and-a-half month low of 204,000, offering little evidence that the labor market is rapidly cooling off even as the economy slows.

The numbers:

The number of people applying for jobless benefits is one of the best barometers of whether the economy is getting better or worse. New unemployment filings are still historically low, but not quite as low as they were in the spring. One caveat on jobless claims: They are prone to large swings during the holiday season that runs from Thanksgiving through Martin Luther King Jr. Day in January.Big picture: The low level of jobless claims suggests the economy is still growing even in the face of rising interest rates. The Federal Reserve is raising interest rates in an effort to slow the economy, reduce demand for labor and curb high inflation.

 

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Yeah become the jobless are no longer looking for jobs, maybe make a requirement that they actually have to be applying for a job.

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