Unemployment claims saw a slight increase last week, a broad representation of ongoing layoffs.
According to the U.S. Department of Labor report, jobless claims grew by 2,000 in the week ending December 17 to 216,000.
This comes as the Federal Reserve continues to hike interest rates in an effort to cool inflation and slow consumer spending. However, reports show that Americans are still hard at work, with employers adding a higher-than-expected 263,000 jobs in November.
The Fed is expected to continue hiking interest rates in 2023, with policymakers predicting a range of 5% to 5.25% by the end of next year.
A recession is all but inevitable with Big Tech and other major players in the economy turning to mass job cuts to eliminate expenses. Still, the resiliency of today’s workforce could indicate continued strength in the coming years.