Jobless claims grew moderately last week, but remains relatively stagnant.
According to the U.S. Labor Department’s most recent unemployment report, jobless applications grew to 230,000 in the week ending December 3 — a 4,000 claim increase from the previous week. However, unemployment is still sitting at 3.7%, near a 50-year low.
The Federal Reserve has continued to hike interest rates up in an effort to cool inflation and slow consumer spending, but the U.S. is still adding jobs at a higher-than-expected rate.
Last month, employers added 263,000 jobs, a concern for the Fed that is desperately trying to reduce consumer spending and alleviate bottlenecks in the supply chain.
Because unemployment levels remain on the lower end, experts suggest that workers are turning to more job security in the face of an uncertain economic future.
Around 1.67 million Americans received unemployment in the week ending November 26, which is a 10-month high but still low compared to historical averages.