Labor Department marks low layoffs milestone
Summary
New applications for unemployment benefits in the U.S. have stayed below 200,000 for several weeks, which is very rare and shows that layoffs remain very low. This stability in firing is helping to keep unemployment low, even though hiring has slowed down.Key Facts
- Last week, jobless claims dropped by 2,000 to 197,000, staying under 200,000.
- This low level of layoffs has not been seen for a long time, since the 1960s.
- The four-week average of claims fell to 198,000, the lowest since the strong job market of 2022-2023.
- Jobless claims do not cover all layoffs because some workers get severance or do not apply for benefits.
- Historically, layoffs and claims rise during recessions, but that is not happening now.
- Announced job cuts in September dropped by 20% compared to last year.
- Employers seem hesitant to hire new workers but are also avoiding layoffs.
- This trend keeps the U.S. labor market steady despite slower hiring.
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