Applications for jobless claims in the U.S. for the week ending February 25 fell to 190,000 from 192,000 the previous week, the Labor Department said.
by the Federal Reserve, which has been ratcheting up its benchmark interest rate for a year in an effort to cool the economy, loosen the labor market and tame inflation.
The four-week moving average of claims, which evens out some of the weekly volatility, rose by 1,750 to 193,000, remaining below the 200,000 threshold for the sixth straight week.In February, the Fed raised its main lending rate by 25 basis points, its eighth rate hike in less than a year. The central bank’s benchmark rate is now in a range of 4.5% to 4.75%, its highest level in 15 years..
The real estate sector has also been battered by the Fed’s interest rate hikes. Higher mortgage rates — currently above 6% — have slowed home sales for 12 straight months. That’s almost in lockstep with the Fed’s rate hikes that began last March.
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