FEWER AMERICANS FILE FOR JOBLESS BENEFITS LAST WEEK

The number of people seeking unemployment benefits in the U.S. reached a four-month low last week, a sign that employers are holding on to their workers despite the Federal Reserve’s efforts to slow the economy and tamp down inflation.

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U.S. jobless aid applications for the week ending Jan. 14 fell by 15,000 to 190,000, from 205,000 the week before, the Labor Department said.

The four-week moving average of claims, which can even out the week-to-week volatility, declined by 6,500 to 206,000.

Jobless claims generally serve as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020.

The labor market is closely watched by the Federal Reserve, which raised interest rates seven times last year in a bid to slow job growth and bring down stubbornly high inflation.