US applications for jobless benefits rise, but layoffs remain at historically low levels

jobless benefits
Posted at 9:10 AM, Jan 25, 2024
and last updated 2024-01-25 09:10:50-05

More Americans filed jobless benefits last week but layoffs remain at historically low levels despite elevated interest rates and a flurry of job cuts in the media and technology sectors.

Applications for unemployment benefits rose to 214,000 for the week ending Jan. 20, an increase of 25,000 from the previous week, the Labor Department reported Thursday.

Overall, 1.83 million Americans were collecting jobless benefits during the week that ended Jan. 13, an increase of 27,000 from the previous week.

Weekly unemployment claims are viewed as representative for the number of U.S. layoffs in a given week.