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.

Weekly jobless claims in the United States have fallen to an 11-month low, signaling a resilient labor market even as hiring activity slows. The decline underscores a steady pace of layoffs, reflecting broader economic stability,