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.

With more than 18 million still on unemployment, caution remains the watchword.