US jobless claims pick up for the first time in six weeks

Applications for US unemployment benefits rose for the first time in six weeks but remained historically low, underscoring the resilience of the US jobs market despite mounting economic uncertainty.

Initial unemployment claims rose by 13,000 to 196,000 in the week ended February 4th, US Labor Department data showed on Thursday. The median forecast in a Bloomberg survey of economists called for 190,000 applications.

Continuing claims, which include people who have already received unemployment benefits for a week or more, increased to 1.69 million in the week ended January 28th.

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The US labour market has remained firm in the backdrop of the Federal Reserve’s most aggressive tightening campaign in a generation. Despite a rising number of lay-offs spreading beyond tech companies, many businesses — particularly smaller ones — are still struggling to hire, while others are holding on to staff they worked so desperately to onboard.

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Walt Disney said on Wednesday it’s cutting 7,000 jobs as part of a broader restructuring that will save the entertainment company $5.5 billion (€5.1 billion. Boeing expects to cut about 2,000 jobs this year primarily in finance and human resources, the Seattle Times reported this week.

The data comes a week after a separate US government report showed payrolls unexpectedly surged last month while the unemployment rate fell to a 53-year low. Even though seasonal adjustments and other revisions may have played a role, Fed officials have said the data reinforces the need for more interest-rate hikes to combat inflation. — Bloomberg