US applications for jobless benefits fell below 200,000 last week with layoffs historically low
AP News••business
Key Points:
- U.S. jobless claims fell by 16,000 to 199,000 for the week ending Dec. 27, lower than analyst expectations, indicating layoffs remain low despite a weakening labor market.
- The weekly unemployment claims report is influenced by holiday-shortened weeks, which can delay filings and distort data.
- Recent labor market data shows slowed job creation, with an average of 35,000 jobs added monthly since March, down from 71,000 the previous year, partly due to federal worker cutbacks and economic uncertainty.
- The Federal Reserve has cut interest rates three times recently, citing concerns about a weaker-than-expected job market and potential downward revisions to employment figures.
- Major companies like UPS, General
