The number of Americans filing new applications for unemployment benefits fell to an 11-month low last week, pointing to a stable labor market, though a slowdown in hiring has led some laid-off workers to experience long bouts of joblessness.

Initial applications for US unemployment capped 2024 at an eight-month low, reflecting the relatively muted levels of job cuts in a labor market that has remained surprisingly resilient.

The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, pointing to a stable labor market at the start of the year though some laid-off workers are experiencing difficulties finding new jobs.

Initial jobless claims for the week ended Jan. 4 dropped by 10K to 201K vs. the 214K consensus and 211K prior (unrevised), according to Department of Labor data released on Wednesday. The four-week moving average was 213,