The number of new applications for unemployment benefits dropped down to 203,000 last week, the Department of Labor said Thursday, indicating that few workers are losing jobs due to payroll reductions.
Initial claims for jobless benefits have been extraordinarily low for most of this year, a testament to the strength of the labor market and the resilience of the economy. Even a jump in oil prices following the start of the fighting with Iran and the closure of the Strait of Hormuz has not caused employers to reconsider their payroll levels.
Last week’s figure is extremely low by historical standards. Excluding instances earlier this year…
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