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Story summary
- Unemployment benefits applications rose to 200,000 last week, signaling a still-low layoff rate.
- The Labor Department reported job growth remains sluggish, with 50,000 jobs added in December.
- Federal Reserve Chair Jerome Powell warned that jobs data may be revised lower, averaging a loss of 25,000 jobs monthly since spring.
- United Parcel Service (UPS) and General Motors (GM) announced job cuts.
- The four-week average of jobless claims fell to 201,500.
