Overview

• Applications for unemployment benefits rose to 214,000 for the week ending Jan. 20, an increase of 25,000 from the previous week.
• Despite the rise in unemployment applications, layoffs remain at historically low levels.
• There has been an uptick in job cuts across the technology and media sectors, with companies like eBay, Google, TikTok, Riot Games, and Amazon announcing layoffs.
• The Federal Reserve raised its benchmark rate 11 times beginning in March of 2022 to combat high inflation, but has left rates alone at its last three meetings.
• The U.S. economy and job market have remained resilient despite predictions of a recession, with the unemployment rate staying below 4% for 23 straight months.