Jobless Claims Drop to 212,000
The number of Americans filling unemployment claims has fallen by 8,000 to 212,000 for the week ending Feb. 10, showing the resilience of the labor market, according to the Labor Department. The four-week average claims rose to 218,500 from 212,750 of the previous week. Despite the Federal Reserve’s efforts to slow down the economy, weekly unemployment claims remain low, indicating a reduction in U.S. layoffs. The U.S. economy and job market have remained resilient, with employers adding 353,000 jobs in January, despite high-interest rates. However, job cuts have been reported across technology and media companies, including Google parent company Alphabet, eBay, TikTok, Snap, and the Los Angeles Times, and 1.9 million Americans claimed unemployment benefits in the week ending Feb. 3, an increase of 30,000.
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