US jobless claims inch down as labor market remains tight

A hiring sign is displayed at a restaurant in Mount Prospect, Ill., Sunday, March 19, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week. 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% target, and the economy is growing and adding jobs at a healthy clip., fewer than January’s huge gain but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation. The unemployment rate rose to 3.6%, from a 53-year low of 3.4%.

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US jobless claims inch down as labor market remains tightU.S. applications for unemployment benefits were down again, remaining at historically low levels. Jobless claims in the U.S. for the week ending March 18 fell by 1,000 from the previous week, the Labor Department said. This isn't a good thing. Applications were down because everybody else is already receiving them Something’s not adding up because the layoffs are still coming fast and heavy, especially in tech.
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