US jobless claims filings rose by 2,000 to 223,000 for the week ending March 15, the Labor Department said. While this is slightly above forecast, layoffs remain historically low. The four-week average inched up by 750 to 227,000.
The weekly applications for jobless benefits are considered a proxy for layoffs and have remained mostly between 200,000 and 250,000 for years. Economists expect little impact from federal workforce layoffs, which began under the Trump administration’s “DOGE” plan aimed at shrinking the government workforce.
Despite recent signs of weakening, the labor market remains healthy with plenty of jobs and few layoffs. The unemployment rate ticked up to 4.1% but remains historically low. Some high-profile companies have announced job cuts this year, including Workday, Dow, CNN, and Facebook.
Source: https://abcnews.go.com/Business/wireStory/applications-jobless-benefits-inch-layoffs-remain-low-labor-119981639