As the Fed continues hiking interest rates, weaker hiring and mounting layoffs suggest the U.S. job market is softening.
While still low by historical standards, layoffs have steadily risen since bottoming out last fall. Weekly unemployment claims, a proxy for layoffs, rose from about 200,000 in January to more than 240,000 in late March, according to revised data issued by the Labor Department on Thursday.
Continuing jobless claims — a measure of workers who are unemployed for an extended period of time — have risen by about half a million since the start of the year, to a typical pre-pandemic level of 1.8 million.
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