New applications for US unemployment benefits fell by 1,000 to a seasonally adjusted 209,000 in the most recent week, despite the prior week’s total being revised upward. Economists note that seasonal adjustments and recent holidays have caused volatility in weekly jobs data, but overall labor market conditions remain largely unchanged. The big picture: Federal Reserve Chair Jerome Powell stated that US labor market indicators are stabilizing after a period of gradual softening, with interest rates held steady. Recent layoffs at United Parcel Service and Amazon.com are not expected to significantly affect nationwide jobless claims. Zoom in: Continuing claims for unemployment benefits, which serve as a proxy for hiring, decreased by 38,000 to 1.827 million in the week ending January 17.