Applications for U.S. unemployment benefits eased last week and a measure of labor costs remained firm in the closing months of 2022, highlighting a tight job market that’s contributing to inflationary pressures.
Initial unemployment claims decreased by 2,000 to 190,000 in the week ended Feb. 25, according to Labor Department data out Thursday. Separate figures showed unit labor costs climbed an annualized 3.2% in the fourth quarter, nearly three times the preliminary estimate.
The figures underscore the enduring strength of the labor market. While a number of high-profile firms, predominantly in technology and finance, have announced job cuts in recent months, layoffs across the economy remain historically low.
