Macy’s Inc. has recently announced that the company will be laying off about 2,350 employees and closing five of its stores. This decision has come to the surface just as a new CEO is about to assume the position in the company. Macy’s, like many businesses, is confronting the challenges intrinsic to a rapidly changing retail landscape.

In other news, reports show that the number of Americans filing for unemployment benefits last week has plummeted to its lowest point in more than a year. This demonstrates the strength and resilience of the labor market, despite the elevated interest rates which are intended to slow down the economy. According to data released on Thursday by the Labor Department, jobless claim applications have decreased to 187,000 for the week ending Jan. 13, revealing a drop of 16,000 from the previous week. This figure is the lowest since September of 2022.

The four-week average of claims, which provides more reliable readings, also decreased by 4,750 to 203,250, marking the lowest four-week average in almost a year. Overall, there were 1.81 million Americans collecting jobless benefits during the week that ended Jan. 6, showing a decline of 26,000 from the previous week. Weekly unemployment claims are indicative of the number of U.S. layoffs in a given week.

For those affected by the layoffs or seeking assistance with filing for unemployment benefits, it may be useful to understand how to get a hold of EDD or the California unemployment customer service. The EDD provides a variety of support services to people who have lost their jobs, had their hours reduced, or are unable to work due to disasters. It’s possible to contact EDD by visiting their official website or phoning their customer service hotline, often found online. Stay patient and persistent, as lines may be busy due to the high volume of calls.