The number of Americans applying for jobless benefits inched up last week but remains low by historical standards, even with the Federal Reserve’s aggressive interest rate hikes meant to cool the economy and taper lingering inflation
A hiring sign is displayed at a retail store in Wheeling, Ill., Sunday, Sept. 24, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week. The number of Americans applying for jobless benefits inched up last week but remains low by historical standards, even with the Federal Reserve's aggressive interest rate hikes meant to cool the economy and taper lingering inflation.
Overall, 1.82 million people were collecting unemployment benefits the week that ended Oct. 21, about 35,000 more than the previous week and the most since April. Still, the American labor market continues to show resiliency in the midst of the Federal Reserve’s effort to get inflation back down to its 2% target.
In September, consumer prices were up 3.7% from a year earlier, down from a peak 9.1% in June last year. However, U.S. economic growth surged in the July-September quarter on the back of robust consumer spending.
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