US applications for unemployment benefits fall to lowest level in 7 months

The number of Americans applying for unemployment benefits last week fell to the lowest level in seven months, another sign that the labor market remains largely unaffected by higher interest rates

Unemployment Benefits (Copyright 2023 The Associated Press. All rights reserved.)

The number of Americans applying for unemployment benefits last week fell to the lowest level in seven months with labor market seemingly resistent to the higher interest rates put in to place, in part to cool hiring.

U.S. applications for jobless claims fell by 13,000 to 216,000 for the week ending Sept. 2, the Labor Department reported Thursday.

The four-week moving average of claims, which smooths out some of the week-to-week volatility, fell by 8,500 to 229,250.

Jobless claim applications are seen as representative of the number of layoffs in a given week.

Overall, 1.68 million people were collecting unemployment benefits the week that ended August 26, about 40,000 fewer than the previous week.