US Jobless Claims Drop, Signaling Strong Labor Market

Applications for unemployment benefits fell last week, underscoring the resilience of the US labor market despite Federal Reserve interest rate hikes.

• Applications for unemployment benefits dropped to 212,000 for the week ending February 10, below the expected 219,000.
• The labor market's strength continues as the Federal Reserve maintains high interest rates to combat inflation.
• Despite recent layoffs in technology and media sectors, overall unemployment claims remain at historically low levels.
• The US economy added 353,000 jobs in January, far exceeding expectations and keeping the unemployment rate at 3.7 percent.
• Labor Department reports indicate a slight increase in the number of Americans collecting jobless benefits, now at 1.9 million.

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