HomeTop U.S. NewsJobless Claims Hit Lowest Level Since September 2022

Jobless Claims Hit Lowest Level Since September 2022

The US Labor Department reported on Thursday that jobless claim applications fell to 187,000 for the week ending January 13; a decline of 16,000 claims from the previous week. This is the lowest level of applications for unemployment benefits reported since September 2022.

On a four-week average, jobless claims fell by 4,750 to 203,250; the lowest four-week average in almost a year. With weekly unemployment claims being viewed as a gauge for layoffs in a given week, the US labor market has remained unexpectedly strong despite steep interest rates and elevated inflation.

Although economists broadly expected the US economy to slip into a recession in late 2023, this was ultimately not the case, with the labor market remaining strong. The national unemployment has remained below 4% for 23 consecutive months; the longest streak since the 1960s.

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