The American labor market remains steady despite some recent high-profile layoffs.
New data from the Department of Labor released Thursday (March 26) showed that the number of people who filed for unemployment last week ticked up slightly, from 205,000 to 210,000.
Continuing claims, typically seen as a measure for the number of people collecting benefits, dropped from 1.85 million to 1.82 million, the lowest level in nearly two years.
A report on the numbers from The Wall Street Journal said the 210,000 figure was in keeping with projections by economists surveyed by the news outlet.
The report noted that the lower level of jobless claims indicates that while the labor market has been cooler, companies are not conducting widespread layoffs. However, the WSJ added, investors and economists will be keeping an eye on whether surging oil prices from the war in Iran could hinder economic growth and affect the labor market.
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Among the companies that have introduced layoffs recently is Meta, which this week reportedly let go of several hundred people across Reality Labs, social media, recruiting and sales.
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Crypto.com recently announced a 12% cut to its staffing levels, a move that CEO Kris Marszalek said was the result of the company joining other firms in integrating “enterprise-wide” artificial intelligence (AI).
“Companies that do not make this pivot immediately will fail,” he wrote in a social media post. “Companies that move slowly will be left behind. Companies that move immediately and pair the best AI tools with top-performers will achieve a level of scale and precision that was previously impossible. This is where we must go.”
The findings come as American consumers are feeling strain, as PYMNTS Intelligence data shows. Keeping on top of daily living expenses is challenging for 51% of U.S. consumers, a figure that is unchanged from October, “underscoring how persistent cost pressures have become,” as PYMNTS wrote recently.
The study found that 89% of consumers faced financial hardship when buying groceries, compared to 84% in October. And the number of consumers who said their coping strategies were extremely or very effective fell to 25%, compared to 34% only three months earlier.
Additional research from PYMNTS Intelligence shows that households feel confident about their job stability, though more uncertain when it comes to replacing lost income.
“This combination helps sustain spending in the near term, but it limits flexibility if conditions weaken,” PYMNTS wrote earlier this week. “The result is a consumer economy defined by divergence. Debt supports continuity, savings determine resilience and sentiment reflects the space between them.”
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