That’s complicating the Fed’s upcoming decision on what to do with interest rates.

The data is in line with pre-COVID claims volume, and the job market often sags in January.

Unemployment claims fell last week. Despite relatively high interest rates, they’re below pre-pandemic levels and near historic lows.

The labor market is still pretty tight, even after the last year and a half of rate hikes loosened things a bit.

The four-week moving average of unemployment benefits claims is at the highest level since late 2021. Is this more evidence of a slowly cooling economy?

Theoretically, yes.

Two years ago, more than 4 million people filed for benefits in a single week. This year, the number’s around 180,000.

Nearly half of American workers are looking for a new job or plan to in the next year. One-third are ready to quit without a new job lined up.

Analysts say businesses are under pressure and economic confidence has suffered.

Weekly unemployment claims are still hovering at the lowest level we’ve seen since 1969.