Unemployment Applications Drop as Fed Holds Interest Rates
Hiring slows, but jobless rate remains below 4% for nearly two years.
- Applications for unemployment benefits fell by 19,000 to 202,000 for the week ending Dec. 9, lower than the expected 224,000.
- The Federal Reserve has kept its key interest rate unchanged for a third straight time, signaling potential cuts next year.
- The Fed has raised its benchmark interest rate 11 times since March 2022 to slow the economy and control inflation.
- Hiring has slowed this year to an average of 232,000 jobs per month, compared to record numbers in 2021 and 2022.
- The unemployment rate fell to 3.7% last month, marking nearly two years of rates below 4%.
Boston Globe 
Associated Press 
