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The number of Americans applying for unemployment benefits was unchanged last week, remaining at historically low levels in another sign that the U.S. job market remains strong in the face of higher interest rates WASHINGTON -- The number of Americans applying for unemployment benefits was unchanged last week, remain ing at historically low levels in another sign that the U.S. job market remain s strong in the face of higher interest rates. Unemployment claims stayed at 209,000 for the week ending Oct. 7, the Labor Department reported Thursday. The four-week moving average of claims , which strips out week-to-week volatility, fell by 3,000 to 206,250. The numbers, a proxy for layoffs, continue to show that American workers enjoy extraordinary job security. When the Federal Reserve began raising its benchmark interest rate last year to rein in surging consumer prices, many economists expected the United States to sink into recession. But the economy and the job market have remained s...

U.S. stocks slumped after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it NEW YORK -- U.S. stocks slumped Wednesday after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it. The S & P 500 fell 41.75, or 0.9%, to 4,402.20. The Dow Jones Industrial Average lost 76.85, or 0.2%, to 34,440.88, and the Nasdaq composite dropped 209.06, or 1.5%, to 13,469.13. The Fed held its main interest rate steady at its highest level in more than two decades, as was widely expected from its latest meeting. Officials also indicated they may raise the federal funds rate one more time this year, as the Fed tries to get i NFL ation back down to its target of 2%. Fed Chair Jerome Powell said it's close to hitting the peak on rates , if not there already. Perhaps most importantly for the market, Fed officials suggested ...

Fewer Americans applied for unemployment benefits last week as the labor market continues to show fortitude in the face of higher interest rates Fewer Americans applied for unemployment benefits last week with the labor market continuing to cruise along despite higher interest rates intended to cool hiring. U.S. applications for jobless claims fell by 9,000 to 228,000 for the week ending July 15, from 237,000 previous week, the Labor Department reported Thursday. The four-week moving average of claims, which evens out some of the weekly volatility, fell by 9,250 to 237,500. Jobless claim applications are viewed as reflective of the number of layoffs in a given week. For three weeks in late May and early June, jobless claims had appeared to reach a sustained, higher level, above 260,000. But the past four weeks, claims have retreated and the labor market remains historically healthy. Since more than 20 million jobs vanished when the COVID-19 pandemic hit in the spring of 2020, U.S. emp...