States reported that 211,000 workers filed for new unemployment benefits during the week ending April 6, a decrease of 11,000 from the previous week’s revised level. The weekly claims are consistent with an overall low level of job-cutting, despite recent high-profile layoff announcements.
About 1.8 million workers continue to claim unemployment benefits. The unemployment claims data supports the contention that employers are cutting back on hiring but not laying off workers in great numbers. The labor market has showed remarkable resilience despite attempts by the Federal Reserve to slow the economy through a series of interest rate hikes.
Takeaway for employers: With the jobless rate under 4 percent for the last 26 months, and a boost to labor force participation in March, the unemployment picture continues to trend near favorable levels, muting recession fears and indicating continued normalization of labor supply and demand from pandemic-era volatility.
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