Labor Market Going Strong, As Fewer Americans , Apply For Unemployment.
Last week, fewer Americans filed for unemployment benefits, bringing the total for the week down 22,000 from the week before to reach 242,000.
ABC reports that the number of weekly claims largely represent the number of U.S. layoffs.
According to the latest Labor Department data, the four-week moving average of claims also dropped by 1,000 to reach 244,250.
According to the latest Labor Department data, the four-week moving average of claims also dropped by 1,000 to reach 244,250.
The week ending April 29, approximately 1.8 million people were collecting unemployment benefits, down by about 8,000 from the week before.
ABC reports that the U.S. job market has quickly added jobs since the pandemic forced millions of people to lose their employment three years ago.
ABC reports that the U.S. job market has quickly added jobs since the pandemic forced millions of people to lose their employment three years ago.
Despite rising interest rates amid fears of a recession, the addition of new jobs has resulted in increased job security for Americans.
In April, the market saw 253,000 new jobs added, while the unemployment rate fell to 3.4%, reaching a 54-year low.
Despite the promising numbers, a number of high-profile layoffs have taken a toll, particularly in technology industries.
In recent months, IBM, Microsoft and Twitter are among huge tech companies to announce significant layoffs.
In recent months, IBM, Microsoft and Twitter are among huge tech companies to announce significant layoffs.
Since November, both Amazon and Facebook have announced two upcoming waves of job cuts.
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Since November, both Amazon and Facebook have announced two upcoming waves of job cuts.
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ABC reports that other major companies outside of the tech sector have also announced layoffs, including McDonalds, Morgan Stanley and 3M.
ABC reports that other major companies outside of the tech sector have also announced layoffs, including McDonalds, Morgan Stanley and 3M.
ABC reports that other major companies outside of the tech sector have also announced layoffs, including McDonalds, Morgan Stanley and 3M
