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Unemployment Claims Surge Amid Slowing Job Market

2/5/2026

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Summary

Story summary

According to the Labor Department, unemployment claims rose to 231,000 last week, up 22,000 from the prior week and highest in two months.
Job postings stood at 7.1 million in November, down from 7.4 million in October.
Hiring slowed due to tariffs and high interest rates.
The Federal Reserve cut its benchmark rate three times to support the labor market but left it unchanged last week amid a stabilizing outlook.

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Story summary

According to the Labor Department, unemployment claims rose to 231,000 last week, up 22,000 from the prior week and highest in two months.
Job postings stood at 7.1 million in November, down from 7.4 million in October.
Hiring slowed due to tariffs and high interest rates.
The Federal Reserve cut its benchmark rate three times to support the labor market but left it unchanged last week amid a stabilizing outlook.