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The number of Americans looking for unemployment benefits fell modestly last week, remaining within the same range of recent years.
Unemployed claims fell 6,000 to 219,000 for the week ending March 29, the Ministry of Labor announced on Thursday. This is less than the forecast for 226,000 new applications analysts.
Weekly applications for unemployed benefits are considered to be proxy for cuts and remain in the range of 200,000 and 250,000 in the last few years.
However, following the announcement of the Trump administration for widespread tariff hikes yesterday, economists are worried about global economic slowdown, which can increase what is an incredibly sustainable labor market.
Like his promise to introduce tariffs, Trump’s promise to drastically reduce the workforce of the federal government is entirely on the move.
It is unclear when the reduction of work ordered by the Ministry of Government Efficiency, or Dog, will appear in the weekly cuts, but some economists have suggested that they may appear in the Ministry of Labor Work Report on Friday.
The February Jobs report showed that the federal government is throwing 10,000 jobs, most of June 2022.
On Monday, some food and medicines workers were told to pack their laptops and prepare for the possibility of not returning, according to an email received from the Associated Press.
The mass dismissals are expected to lead to 20,000 fewer jobs – nearly a quarter of its staff – at the Ministry of Health and Human Services. About 10,000 jobs will be eliminated by cuts, while another 10,000 workers took early retirement and voluntary separation offers.
Other federal agencies who have either declared abbreviations or planning cuts include IRS, a small business, veterans and the Ministry of Education.
The dismissals are part of the Trump administration’s efforts to shrink the amount of the federal workforce through Dog, headed by billionaire Elon Musk.
Although it shows some signs of weight loss in the last year, the labor market remains healthy with abundant jobs and relatively few cuts.
The government said US employers added solid 151,000 jobs in February, and although the unemployment rate reached 4.1%, it remains a healthy figure by historical standards. Analysts researched by the data company predict that defenseless wages in March will show an increase of 130,000 and that the unemployment rate will score up to 4.2%.
Some high-profile companies have announced job cuts this year, including Workday, Dow, CNN, Starbucks, Southwest Airlines and Meta-Company Company Meta.
The four -week average of applications, which aims to smooth out part of the week from week to week, fell by 1,250 to 223,000.
The total number of Americans receiving unemployment benefits for the week of March 22 has increased by 56,000 to 1.9 million. This has been the largest since November 2021.
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