Weekly Jobless Claims , Drop to Lowest Level Since , September 2022.<br />CNBC reports that the labor market has started <br />2024 with surprising resiliency, posting an <br />unexpected drop in initial jobless claims.<br />For the week ending January 13, initial filings <br />for unemployment insurance totaled 187,000, <br />the lowest amount since September of 2022.<br />According to the latest Labor Department data, <br />the total marked a 16,000 decline from the week <br />before and came in under Dow Jones estimates.<br />The labor market has remained resilient despite <br />the Federal Reserve's attempts to slow the <br />economy with an interest rate-hiking campaign.<br />Not only did weekly claims drop, but continuing <br />claims also saw a surprising decrease of <br />26,000, bringing the total down to 1.806 million. .<br />Employers may be adding fewer <br />workers monthly, but they are <br />holding onto the ones they have <br />and paying higher wages given <br />the competitive labor market, Robert Frick, corporate economist <br />at Navy Federal Credit Union, via CNBC.<br />Another report, released on January 18, showed <br />the housing market improving with building <br />permits increasing by 1.9% to a total of 1.495 million.<br />CNBC reports that the news comes one day <br />after the Fed released its periodic summary <br />of economic conditions, which detailed mostly <br />stagnant activity since late November.<br />The central bank's 'Beige Book' report <br />noted signs of a "cooling labor market" <br />with lower wage pressures. .<br />The central bank's 'Beige Book' report <br />noted signs of a "cooling labor market" <br />with lower wage pressures. .<br />The report also highlighted the impact of higher rates on <br />the housing market, which could improve in the future <br />if the Fed decides to ease its efforts to tame inflation.
