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Unemployment Claims Decline in the US

Fewer Americans applied for unemployment benefits last week as the labor market continues to hold up despite higher interest rates imposed by the Federal Reserve in its bid to curb inflation.

The Labor Department reported Thursday that unemployment claims for the week ending April 20 fell by 5,000 to 207,000 from 212,000 the previous week. That’s the fewest since mid-February. This positive trend indicates a strong labor market resilience.

The four-week average of claims, which smooths out some of the weekly up-and-downs, ticked down by 1,250 to 213,250. This steady decrease showcases a consistent improvement in the job market conditions.

Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020, indicating a gradual recovery.

In total, 1.78 million Americans were collecting jobless benefits during the week that ended April 13. That’s 15,000 fewer than the previous week, pointing towards a decreasing unemployment rate.

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