U.S. applications for jobless benefits were unchanged last week, according to the Associated Press, settling at a healthy level as the labor market continues to show strength in the face of elevated interest rates.
Unemployment claims for the week ending March 2 were 217,000, matching the previous week’s revised level, the Labor Department reported today. The four-week average of claims, a less volatile measure, fell by 750 from the previous week to 212,250.
In total, 1.9 million Americans were collecting jobless benefits during the week that ended Feb. 24, an increase of 8,000 from the previous week and the most since November.
Though layoffs remain at low levels, there has been an uptick in job cuts recently, mostly across technology and media. Google parent company Alphabet, eBay, TikTok, Snap, Cisco Systems, and the Los Angeles Times have all recently announced layoffs.
Outside of tech and media, UPS, Macy’s, and Levi’s also recently cut jobs.
