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US filings for jobless benefits rise as economists call the market ‘low-hire, low-fire’

The Independent·Matt Ott·19 days ago
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The number of Americans seeking jobless aid increased last week, yet figures remain historically low despite economic uncertainty stemming from the ongoing conflict in Iran. Applications for unemployment benefits in the U.S. rose by 12,000 to 211,000 for the week ending May 9, the Labor Department reported Thursday. This figure slightly exceeded the 207,000 new applications anticipated by analysts surveyed by FactSet. Weekly filings for unemployment benefits serve as a key indicator of U.S. layoffs and offer a near real-time snapshot of the job market's health. Despite a relatively low number of layoffs, the labor market appears to be in what economists describe as a "low-hire, low-fire" state. This has kept the unemployment rate at a low 4.3%, but has left many out of work struggling to secure new employment. While U.S. employers added a surprising 115,000 new jobs in April, the war in Iran has injected significant uncertainty into the broader U.S. economy and labor market.…

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