Unemployment Applications Rise Amid Tech and Media Layoffs

Despite the uptick, layoffs remain at historically low levels as the U.S. economy shows resilience.

Applications for unemployment benefits rose to 214,000 for the week ending Jan. 20, an increase of 25,000 from the previous week.
Despite the rise in unemployment applications, layoffs remain at historically low levels.
There has been an uptick in job cuts across the technology and media sectors, with companies like eBay, Google, TikTok, Riot Games, and Amazon announcing layoffs.
The Federal Reserve raised its benchmark rate 11 times beginning in March of 2022 to combat high inflation, but has left rates alone at its last three meetings.
The U.S. economy and job market have remained resilient despite predictions of a recession, with the unemployment rate staying below 4% for 23 straight months.