US job market defies recession fears as continuing claims drop
Good news for job seekers: the number of Americans staying on unemployment just dropped to its lowest level since May 2024, even with big-name layoffs at CBS News and Meta.
For the week ending March 14, continuing claims fell by 32,000 to 1.819 million.
Initial claims (people filing for benefits for the first time) inched up a bit to 210,000, but overall numbers are still pretty low.
Claims numbers show labor market remains in low-firing environment
Despite economists warning about possible trouble ahead, like rising oil prices sparked by the Iran war, the job market is holding strong.
The four-week average of new claims dipped slightly, showing things are still stable.
States like Kentucky and Ohio saw some of the biggest drops in people needing unemployment help, which suggests the labor market remains in a low-firing environment.