Jobless applications fall again despite Fed push on rates

Fewer Americans filed for jobless benefits last week, more evidence that the Federal Reserve’s efforts to loosen the labor market by raising interest rates hasn’t taken hold

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

Fewer Americans filed for jobless benefits last week despite efforts by the Federal Reserve to loosen the labor market with higher interest rates in its bid to slow the economy.

Applications for jobless aid in the U.S. for the week ending Feb. 11 fell by 1,000 last week to 194,000, from 195,000 the previous week, the Labor Department reported Thursday. It’s the fifth straight week claims were under 200,000.

Jobless claims generally represent the number of U.S. layoffs.

The four-week moving average of claims, which smooths out some of the weekly ups and downs, rose by 500 to 189,500. It’s the fourth straight week that the four-week moving average has been below 200,000.

About 1.7 million people were receiving jobless aid the week that ended Feb. 4, an increase of 16,000 from the week before.