The number of Americans applying for unemployment benefits came back down last week, hovering near levels suggesting the U.S. labor market has been largely unaffected by the Federal Reserve's aggressive interest rate hikes.
FILE - Hiring sign is displayed outside of a retail store in Vernon Hills, Ill., Saturday, Nov. 13, 2021. Labor Department releases weekly report on unemployment benefits on Thursday, Dec. 1, 2022. On Thursday the Labor Department reports on the number of people who applied for unemployment benefits last week. – The number of Americans applying for unemployment benefits came back down last week, hovering near levels suggesting the U.S.
Applications for unemployment benefits are a proxy for layoffs, and viewed with other employment data, shows that American workers are enjoying extraordinary job security at the moment, despite an economy with some glaring weaknesses. Early this month, the Fed raised its short-term lending rate by another 0.75 percentage points, three times its usual margin, for a fourth time this year. Its key rate now stands in a range of 3.75% to 4%, the highest in 15 years.than previously expected and keep them there for an extended period until inflation was under control.
The Labor Department said Thursday that 1.61 million people were receiving jobless aid the week that ended Nov. 19, up 57,000 from the week before.
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