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Jobless claims fell last week as the economy continues to undo the damage done by hard COVID lockdowns in states where governors chose to follow the Chinese model rather than protect the freedom of American citizens. Bryan Mena reports on the strong job market at The Wall Street Journal, writing:
Applications for U.S. unemployment benefits fell last week, consistent with a labor market that remains resilient despite signs of a broader economic slowdown.
Initial jobless claims, a proxy for layoffs, decreased by 16,000 to a seasonally adjusted 225,000 last week, the Labor Department said Thursday. That was near the 2019 weekly average of around 218,000, when the labor market was also robust.
The level of claims remains in line with job growth and low unemployment. Still, several major companies have announced layoffs or hiring freezes in recent months.
This week, CNN said it was laying off employees and DoorDash Inc. said it would trim its corporate staffing levels by about 1,250. AMC Networks Inc. said in a memo to employees that it plans to lay off about 20% of its U.S. workforce. Other recent layoffs have been concentrated in the technology industry and sectors of the economy sensitive to interest rates such as housing and finance.
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