U.S. Dept. of Labor: Jobless claims down, prices up

The U.S. Labor Market remains strong, despite some recent high-profile tech layoffs.

COLUMBIA, S.C. (WOLO)— The U.S. labor market remains strong, despite some recent high-profile tech layoffs.

A report out today from the Department of Labor shows last week’s jobless claims hit a historically low number.

It says first-time applications for unemployment benefits fell to 194,000 last week.

That’s below economists’ expectations and it follows a slight uptick from the week before. The robust labor market is good news for workers, but it could be bad news for interest rates.

It gives the Federal Reserve more incentive to increase rates again, in an effort to cool the economy and reduce inflation.