U.S. applications for unemployment benefits fell to their lowest level in 15 weeks as the job market continues to show resiliency in the face of attempts by the Federal Reserve to cool the economy.
The four-week moving average of claims, which softens some of the week-to-week volatility, fell by 1,750 to 212,500.
Jobless claims are generally viewed as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020. The labor market is closely monitored by Federal Reserve policymakers, who raised interest rates seven times last year in a bid to slow job growth and bring down stubbornly high inflation.
Last week the government reported that U.S. employers added a solid 223,000 jobs in December, evidence that the economy remains healthy even as the Fed is rapidly raising interest rates to try to slow economic growth and the pace of hiring. The unemployment rate fell to 3.5%, matching a 53-year low. Even with the solid numbers, December’s jobs report suggested that the labor market may be cooling in a way that could aid the Fed’s fight against high inflation. It was the smallest gain in two years, and it extended a hiring slowdown that began last year. Average hourly pay growth eased to its slowest pace in 16 months. That slowdown could reduce pressure on employers to raise prices to offset their higher labor costs.
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