WASHINGTON — U.S. applications for unemployment benefits fell to their lowest level in eight months last week as the labor market continues to show strength in the face of elevated interest rates.
Though the Federal Reserve opted to leave its benchmark borrowing rate alone this week, it is well into the second year of its battle to stamp out four-decade-high inflation. The whopping 11 interest rate hikes since March of last year have helped to curb price growth, but the U.S. economy and labor market have held up better than most expected.
U.S. businesses have been adding an average of about 236,000 jobs per month this year, down from the pandemic surge of the previous two years, but still a strong number. Besides some layoffs early this year — mostly in the technology sector — companies have been trying to hold on to their employees.
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