Jobless claims generally serve as a proxy for layoffs.
A now hiring sign is displayed in the window of a Panera Bread store in Pittsburgh on Monday, Jan. 23, 2023.Washington — Fewer Americans filed for unemployment benefits last week as the labor market remains tight, even as the Federal Reserve has tried to cool the economy and inflation by raising interest rates.
Jobless claims generally serve as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020. Even though it was a solid report, December’s jobs data suggested that the labor market may be cooling enough to 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.
Also Thursday, the government reported that the U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. German software company SAP announced Thursday that it was cutting up to 3,000 jobs worldwide, or about 2.5% of its workforce, after a sharp drop in profits.
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