Around 204,000 people applied for first-time unemployment benefits last week, according to the latest data from the Bureau of Labor Statistics.
That’s down from the previous week’s total jobless claims and only slightly below the pre-pandemic weekly average of 218,000.
Continuing claims, which are filed by people who have received unemployment benefits for more than one week, decreased to 1.69 million for the week ended December 24, from 1.72 million.
Thursday’s data indicates continued resilience in the labor market despite inflation-fighting efforts by the Federal Reserve intended to cool the economy.
Many economists and investors fear the Fed’s aggressive actions, which have included seven-straight jumbo rate hikes, could throw the economy into a recession.
But so far, the labor market appears impervious. (CNN)
It’s about time we hear good news!
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