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The numbers: The number of Americans who applied for unemployment benefits last week inched up to 205,000, indicating layoffs remain very low during the holiday season and jobs aren’t especially hard to find.
New jobless claims rose 2,000 from a revised 203,000 in the prior week, the government said Thursday. Economists had forecast new claims in the week ending Dec. 16 to total 215,000.
Although layoffs are historically low, some businesses have cut back on hiring. The labor market is still quite robust, however.
Big picture: The economy appears to have lost some steam since a blowout third quarter as higher borrowing costs dampen growth.
The labor market is a big oasis of strength, however. As long as businesses avoid mass layoffs and most people continue to work, the U.S. is likely to avoid a recession.
Market reaction: The Dow Jones Industrial Average
DJIA,
and S&P 500
SPX,
were set to rise in Thursday trading.
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