WASHINGTON, D.C. — The number of Americans filing new applications for unemployment benefits dropped to an eight-month low last week, pointing to low layoffs at the end of 2024 and consistent with a healthy labor market.
The report from the Labor Department on Thursday added to a recent raft of upbeat economic data, including consumer spending, in reinforcing the Federal Reserve's (Fed) projections for fewer interest rate cuts this year. Labor market resilience is keeping the economic expansion on track.
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