The number of Americans filing for unemployment benefits increased by 11,000 to 219,000, indicating a slight softening in the labor market. Ongoing claims reached 1.886 million, while worker productivity growth slowed to 1.2% in the fourth quarter. Meanwhile, unit labor costs rose by 3.0%, raising concerns about potential inflation. Although layoffs remain low, hiring has not picked up significantly, with fewer new job openings being announced. The Federal Reserve remains cautious with interest rates as economic uncertainty persists.
See "US weekly jobless claims edge up; worker productivity growth slows", Lucia Mutikani, Reuters, February 6, 2025