A hiring sign is displayed at a grocery store in Arlington Heights, Ill., Tuesday, Oct. 10, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week. .
The numbers, a proxy for layoffs, continue to show that American workers enjoy extraordinary job security. But the economy and the job market have remained sturdy even as higher rates have brought inflation down steadily from the four-decade highs reached in 2022. The combination of easing inflationary pressures and healthy hiring is raising hopes that the Fed can stick a so-called soft landing — beating inflation without triggering an economic downturn.
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