US Job Market: Employers Hold Steady Amid Economic Cooling

In a sign of employment stability, the number of Americans seeking unemployment benefits dropped last week, according to the Labour Department. Claims decreased by 10,000, reaching a historically low level of 236,000.

The four-week average, used to iron out fluctuations, fell by 750 to 245,000, suggesting that companies are holding onto their workforce. However, separate reports show that hiring remains tepid in what experts are calling a 'no hire, no fire' job market.

Although the overall unemployment rate is low, economic slowdown signs are emerging as employers have added fewer jobs, notably in key sectors like healthcare, hospitality, and government. Recent college graduates are particularly affected, facing the toughest employment landscape in a decade.

(With inputs from agencies.)