US applications for unemployment benefits hold steady, but continuing claims rise to 3-year high

Published On Dec 26, 2024, 9:14 AM

Recent data shows that unemployment claims in the U.S. held steady, with a slight decrease to 219,000 applications in the week of Dec. 21, but continuing claims increased to the highest level in three years at 1.91 million. This indicates that while new claims are stable, many individuals are struggling to find jobs, suggesting potential softening in labor demand despite the overall strength of the economy. Additionally, the Federal Reserve has recently adjusted its interest rate strategies as inflation pressures continue to evolve, evidenced by a recent cut in the benchmark interest rate for the third consecutive time.