?States reported that 205,000 workers filed for new unemployment benefits during the week ending Jan. 7, a decrease of 1,000 from the previous week’s revised level. Weekly jobless claims are at their lowest level in four months. The number of workers continuing to claim unemployment benefits—1.63 million—is below pre-pandemic levels.
The labor market remains resilient, despite inflation-fighting efforts by the Federal Reserve intended to slow the economy, a stream of layoff announcements and a slow reduction in job openings. Layoffs overall are down and have primarily been contained in sectors impacted by higher interest rates or diminished demand, including technology, housing and finance.
