Applications for jobless aid for the week ending Sept. 10 fell by 5,000 to 213,000, the Labor Department reported Thursday. That's the fewest since late May.The four-week average for claims, which offsets some of the weekly volatility, fell by 8,000 to 224,000.
Hiring in the U.S. in 2022 has been remarkably strong even in the midst of rising interest rates and weak economic growth. The Federal Reserve has aggressively raised interest rates in an effort to bring down inflation, which generally also slows job growth. The U.S. economy has been a mixed bag this year. Economic growth has declined in the first half of 2022, which, by some informal definitions, signals a recession.
Inflation continues to be the biggest obstacle for a healthy U.S. economy. The rise in consumer prices, largely due to falling gas prices. But overall, prices for food and other essentials remain elevated enough that the Federal Reserve has indicated it will keep raising its benchmark interest rate until prices come back down to normal levels.
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