(VitalNews.org) – With the end of the pandemic and the job market changing all over the country, the United States has been dealing with an influx of unemployment applications from citizens. However, it’s just reported that as of last week, this is the lowest amount of unemployment applications we’ve seen in at least three months.
Unemployment applications fell to 202,000 for the week of January 6, which is 1,000 fewer applications than the week before that. In comparison to some of the higher numbers, this amount is much better compared to the average amount previously which was 250,000 weekly.
The unemployment applications have been at low numbers despite inflation and the struggles facing many families. Spending has risen for many families and has not seen a drop in some time due to inflation.
We most likely won’t see the end of inflation anytime soon even as the Federal Reserve has consistently raised rates, but there may still be a fair amount of back and forth until we see a steady number.
Many economic analysts thought that the United States would go into a recession after the Federal Reserve bumped up the rates in 2022, however, the economy and the job market stayed consistent throughout that time, preventing a recession. In fact, the unemployment rate has been below 4% for 22 months straight, which is the longest period we’ve seen unemployment so low since the 1960s.
The Federal Reserve is still making the call on this and they hope to raise rates slightly so that prices can go down without causing a recession. The Federal Reserve hasn’t decided to change any of the rates for their last three meetings, but it’s been said that they could expect to cut them three times in 2024.
Unemployment rates can be expected to drop as long as these current trends remain consistent in the future. As many as 1.83 million Americans were collecting unemployment benefits during the week of December 30, which is a decrease of 34,000 from the week before that one.
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