US applications for jobless benefits fell below 200,000 last week
ABC News••business
Key Points:
- U.S. jobless claims fell by 16,000 to 199,000 for the week ending Dec. 27, below analyst expectations, indicating layoffs remain low despite a weakening labor market.
- Holiday-shortened weeks can distort unemployment filings, as some workers delay claims, and the report was released early due to New Year’s Day.
- Recent data shows a slowdown in job creation, with an average of 35,000 new jobs per month since March, down from 71,000 the previous year, influenced by federal worker cutbacks and economic uncertainties.
- The Federal Reserve recently cut interest rates for the third time, citing concerns that the labor market may be weaker than reported, with possible downward revisions to job figures
