Despite continuing tech layoffs, with recent contributions from Amazon (AMZN) and Salesforce (CRM) signaling a treacherous macroeconomic terrain in the year ahead, jobless claims during the holiday week fell to a three-month low after a decline of 19,000 in initial claims for state unemployment benefits.
While signaling record labor market tightness, the recent data has also strengthened the case for the Federal Reserve to continue with its aggressive stance. In the minutes of its December meeting, released yesterday, the Central Bank expressed its resolve to disregard market sentiments and keep increasing interest rates until inflation can be brought back around the desired 2% level.
