US applications for jobless benefits rise to highest level in two months, but layoffs remain low
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The number of Americans applying for jobless benefits rose to their highest level in two months last week, with filings for unemployment claims climbing by 9,000 to 221,000. However, layoffs remain at historically low levels as the labor market continues to chug along despite elevated interest rates. The four-week average of claims rose modestly to 214,250. In total, 1.79 million Americans were collecting jobless benefits during the week that ended March 23. Weekly unemployment claims are considered a proxy for the number of layoffs in a given week and a sign of where the job market is headed. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in an effort to bring down high inflation. Many economists thought the rapid rate hikes could potentially tip the country into recession, but jobs have remained plentiful and the economy has held up better than expected thanks to strong consumer spending. In February, US employers added 275,000 jobs, and the unemployment rate ticked up two-tenths of a point to 3.9%. The March jobs report is set to be released on Friday.

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https://timesofindia.indiatimes.com/world/us/us-applications-for-jobless-benefits-rise-to-highest-level-in-two-months-but-layoffs-remain-low/articleshow/109040979.cms