See how jobless benefits dropped last week

The number of Americans filing for jobless benefits fell last week in a sign that the labor market remains strong.

Applications for jobless benefits fell by 16,000 to 207,000 for the week ending January 25, the Labor Department said Thursday. Analysts were expecting 225,000 new applications.

Weekly applications for jobless benefits are considered a proxy for layoffs.

The four-week average, which evens out some of the weekly volatility, ticked down by 1,000 to 212,500.

Though some signs of labor market weakness surfaced in 2024, jobs are still plentiful and layoffs historically low.

Earlier this month, the Labor Department reported that job growth in December surged and unemployment fell. Employers added 256,000 jobs last month and the unemployment rate ticked down to 4.1%.

The final jobs report of 2024 underscores that the economy and hiring were able to grow at a solid pace even with interest rates much higher than they were before the pandemic.

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