US applications for jobless benefits fall to lowest level since September 2022

The number of Americans applying for unemployment benefits last week fell to its lowest level in more than a year, underscoring the resilience of the labor market amid elevated interest rates

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

The number of Americans applying for unemployment benefits last week fell to its lowest level in more than a year, underscoring the resilience of the labor market despite elevated interest rates that are intended to cool the economy.

Jobless claim applications fell to 187,000 for the week ending Jan. 13, a decrease of 16,000 from the previous week, the Labor Department reported Thursday. That's the fewest since September of 2022.

The four-week average of claims, a less volatile reading, fell by 4,750 to 203,250. That's the lowest four-week average in almost a year.

Overall, 1.81 million Americans were collecting jobless benefits during the week that ended Jan. 6, a decline of 26,000 from the previous week.

Weekly unemployment claims are viewed as representative for the number of U.S. layoffs in a given week. They have remained at extraordinarily low levels despite high interest rates and elevated inflation.