18 January 2024
The U.S. labor market has hit a new milestone with initial jobless claims dropping to their lowest level since September 2022. The Labor Department’s recent report reveals that for the week ending January 13, 2024, jobless claims plummeted to 187,000, surpassing analysts’ expectations of 208,000. This decline marks a significant 16,000 reduction from the previous week and stands as a testament to the enduring strength of the labor market. Notably, this robust labor market performance continues despite the Federal Reserve’s interest rate hikes aimed at cooling the economy and easing the jobs market. Additionally, the report also highlights a surprising drop in continuing claims, which fell by 26,000, bringing the total to 1.806 million, below the expected 1.83 million.