U.S. Labor Market Stays Resilient Amid Rising Jobless Claims

Jobless claims in the U.S. rose slightly, with 223,000 new applications last week, indicating a stable labor market. Layoffs remain low, but job opportunities are lacking as employers hesitate to hire extra staff. The Federal Reserve likely won't cut interest rates in its upcoming meeting.

The number of Americans filing for unemployment benefits rose slightly last week, signaling a steady labor market amid expectations the Federal Reserve won't cut interest rates soon.

Despite low layoffs, fewer job opportunities are available, reflecting cautious hiring by employers. Last Thursday's Labor Department report showed jobless claims reached their highest level in more than three years.

Experts suggest that natural disasters, like the California wildfires, contributed to the increase, as freezing weather continues to affect states across the country.

(With inputs from agencies.)