US jobless claims up modestly last week

Slightly more Americans filed for jobless claims last week but the labor market remains one of strongest parts of the U.S. economy

Unemployment Benefits (Copyright 2022 The Associated Press. All rights reserved.)

Slightly more Americans filed for jobless claims last week but the labor market remains one of strongest parts of the U.S. economy.

Applications for unemployment benefits rose to 230,000 for the week ending Dec. 3, up by 4,000 from the previous week’s 226,000, the Labor Department reported Thursday. The four-week moving average of claims, which smooths out week-to-week volatility, rose by 1,000 to 230,000.

Jobless claims are seen as a proxy for layoffs, and combined with other employment data, show that American workers are enjoying extraordinary job security at the moment. That's despite an economy some see in danger of tipping into a recession due to the aggressive actions of the Federal Reserve, which is trying to cool the economy by raising interest rates.