U.S. Labor Department Reports Jobless Claims Rising

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The latest report from the U.S. Labor Department shows that jobless claims rose by 5,000 in March to 245,000, up from 200,000 in January. Despite the upward trend, the number remains low by historic standards with the current unemployment rate at 3.5%.  Despite rising interest rates, economic uncertainty and fears of a looming recession, the numbers are a sign that Americans still enjoy a measure of job security.  In contrast, Fox Business reports that Meta, Facebook’s parent company, had 4,000 more layoffs as part of it’s “Year of Efficiency” which began in November 2022 and is expected to impact more than 11,000 employees in total.  In addition, Meta announced it will close the additional 5,000 roles that were waiting to be filled.