Mixed signals from the US job market, data shows companies have not made significant layoffs

Data from the U.S. Department of Labor shows that the number of initial jobless claims decreased last week, indicating that despite a cooling job market, the U.S. economy has avoided massive layoffs. The number of continuing unemployment claims reached its highest level in three years. So far this year, labor market data has shown mixed signs, making the Federal Reserve's interest rate decisions more complex in balancing employment and inflation goals. Currently, there is approximately one job vacancy for every unemployed worker in the United States, lower than two workers per vacancy in mid-2022. This year, the unemployment rate fell slightly from 3.7% at the end of 2023 to over 4%. On the other hand, on average more than 100 thousand new jobs have been added each month this year and applications for unemployment benefits have not shown a significant increase in layoffs.