#USJoblessClaimsDrop

US jobless claims have dropped to an 8-month low, ending 2024 on a positive note. The number of people applying for unemployment benefits after Christmas fell by 9,000 to 211,000 in the final week of 2024 ¹. This decline indicates that businesses are holding onto their workers, and layoffs remain low.

In fact, new jobless claims have been hovering in the low 200,000s for the last three years, suggesting a resilient US economy. The number of workers collecting unemployment benefits also decreased by 52,000 to 1.84 million

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While the labor market remains stable, there are signs of a slowdown in hiring. It's taking longer for people who lose their jobs to find new ones, and the number of people receiving benefits after an initial week of aid increased by 28,000 to 1.897 million .

Overall, the drop in US jobless claims is a positive sign for the economy, but it's essential to keep an eye on the labor market's overall trends.