No sign of rising layoffs in tight U.S. labor market
The numbers: The number of Americans who applied for unemployment benefits last week fell to a nine-month low of 198,000, defying expectations that layoffs would rise as higher U.S. interest rates pinched the economy.
Claims show a very low number of job losses and point to a stable economy. Unemployment claims usually top 300,000 — and eventually go a lot higher — when a recession approaches.Before the jobless claims report, the Dow Jones Industrial Average DJIA, -0.98% and S&P 500 SPX, -1.34% were set to open lower in Thursday trades.
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