The number of Americans applying for unemployment benefits was unchanged last week at 208,000, the fewest since mid-February, with the four-week average falling to 210,000. Despite concerns of recession due to rate hikes, the labor market remains resilient with low layoffs. U.S. added 303,000 jobs, bringing the unemployment rate to 3.8%. Signs of market softening seen as job openings decline, leading to recent job cuts in tech and media sectors. 1.77 million Americans were collecting jobless benefits, unchanged from the previous week.
In March, US job openings decreased to 8.5 million, the lowest level in over three years, while the number of Americans quitting their jobs also dropped to the lowest since January 2021. Despite the decline, job openings are still historically high. The Federal Reserve raised interest rates 11 times since March 2022 to combat inflation, but the economy continued to grow, with unemployment staying below 4% for 26 consecutive months. Economists are hopeful for a 'soft landing' scenario where inflation decreases and the economy remains stable.
ABC News
Yahoo! News
By MATT OTT
PANORA