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Unemployment
Applications for US unemployment benefits eased last week and a measure of labor costs remained firm in the closing months of 2022, highlighting a tight job market that’s contributing to inflationary pressures. Initial unemployment claims decreased by 2,000 to 190,000 in the week ended February 25th. Separate figures showed unit labor costs climbed an annualized 3.2% in the fourth quarter, nearly three times the preliminary estimate. While several high-profile firms have announced job cuts in recent months, layoffs across the economy have remained historically low.