WASHINGTON (AP) — Fewer Americans applied for jobless benefits last week as the labor market continues to thrive despite the Federal Reserve's efforts to cool it.
The Labor Department reported Thursday that filings for unemployment claims for the week ending April 6 fell by 11,000 to 211,000 from the previous week’s 222,000.
The four-week average of claims, which smooths out some of the week-to-week swings, fell by 250 to 214,250.
Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020.
The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in a bid to stifle the four-decade high inflation that took hold after the economy bounced back from the COVID-19 recession of 2020. Part of the Fed’s goal was to loosen the labor market and cool wage growth, which it believes contributed to persistently high inflation.
Many economists thought there was a chance the rapid rate hikes could tip the country into recession, but jobs have remained plentiful and the economy has held up better than expected thanks to strong consumer spending.
In March, U.S. employers added a surprising 303,000 jobs, yet another example of the U.S. economy’s resilience in the face of high interest rates. The unemployment rate dipped from 3.9% to 3.8% and has now remained below 4% for 26 straight months, the longest such streak since the 1960s.
Though layoffs remain at low levels, companies have been announcing more job cuts recently, mostly across technology and media. Google parent company Alphabet, Apple, eBay, TikTok, Snap, Amazon, Cisco Systems and the Los Angeles Times have all recently announced layoffs.
Outside of tech and media, UPS, Macy’s and Levi Strauss also have recently cut jobs.
In total, 1.82 million Americans were collecting jobless benefits during the week that ended March 30, an increase of 28,000 from the previous week and the most since January.
A hiring sign beckons potential employees to apply for work inside a discount store Wednesday, April 3, 2024, in Centennial, Colo. On Thursday, April 11, 2024, the Labor Department reports on the number of people who applied for unemployment benefits last week. (AP Photo/David Zalubowski)
KILMARNOCK, Scotland (AP) — Celtic clinched a third straight Scottish league title with a game to spare on Wednesday.
A 5-0 win at Kilmarnock gave Celtic an unassailable six-point lead over fierce Glasgow rival Rangers.
It's the first silverware of Brendan Rodgers’ second spell in charge and moved Celtic onto 54 league titles — one behind Rangers’ record total in Scotland.
Celtic could also secure a league-and-cup double because it plays Rangers on the Scottish Cup final on May 25.
Celtic had fallen behind in the title race in February despite being seven points clear of Rangers after Rodgers’ first seven league matches back in charge.
But the team got back into first place midway through April and Wednesday's triumph at Rugby Park made it 22 points from the last eight games.
“It was so good and it was a joy to watch. To make us champions, I’m so proud,” said Rodgers, who won a treble of trophies in each of his first two seasons in charge in his first spell from 2016-19.
“I would have probably been dreaming of that moment over the time I was away and hoping it would happen again. It’s a really good feeling.”
Late in the game, the Celtic supporters reprised their song about Rodgers “coming home to lead the green and white” — a staple during his first spell in charge but a chant he had not heard for some time following the mixed reaction to his return.
The misgivings from Celtic fans arose because of the way he left for Leicester in February 2019 — just when the team was on course to win the Scottish title.
Rodgers got emotional when asked about that moment.
“It felt really good,” he said. “I thought they had forgotten my name! But it was about the team and the support staff.
“There was so much stuff in the first six months, it felt a little bit awkward, I have got to be honest. And awkward for everyone. I think it was a bit surreal. And there was a lot of challenges from a management perspective, a lot of tedious stuff that took place. I have never had that before in my career."
AP soccer: https://apnews.com/hub/soccer
Celtic's Alistair Johnston celebrates after team-mate Daizen Maeda scores their side's second goal of the game during the Scottish Premier League soccer match between Celtic Glasgow and Kilmarnock at The BBSP Stadium Rugby Park, in Kilmarnock, Wednesday May 15, 2024. (Jane Barlow/PA via AP)
Celtic's Adam Idah, right, celebrates scoring their side's first goal of the game during the Scottish Premier League soccer match between Celtic Glasgow and Kilmarnock at The BBSP Stadium Rugby Park, in Kilmarnock, Wednesday May 15, 2024. (Jane Barlow/PA via AP)
Celtic's Matt O'Riley, left, celebrates with Adam Idah after scoring their side's fifth goal of the game during the Scottish Premier League soccer match between Celtic Glasgow and Kilmarnock at The BBSP Stadium Rugby Park, in Kilmarnock, Wednesday May 15, 2024. (Jane Barlow/PA via AP)
