Fewer Americans file for jobless claims, but continuing claims rise for 8th straight week

The number of Americans applying for unemployment benefits fell last week as layoffs remain at healthy levels despite elevated interest rates and inflation

Unemployment Benefits (Copyright 2024 The Associated Press. All rights reserved.)

The number of Americans applying for unemployment benefits fell last week as layoffs remain at healthy levels despite elevated interest rates and inflation.

The Labor Department reported Thursday that jobless claims for the week ending June 22 fell by 6,000 to 233,000 from 239,000 the previous week.

However, the total number of Americans collecting unemployment benefits rose for the eighth straight week, to 1.84 million, for the week of June 15.

The four-week average of claims, which softens some of the week-to-week volatility, rose by 3,000 to 236,000.

Weekly unemployment claims — a proxy for layoffs — remain at low levels by historical standards, a sign that most Americans enjoy unusual job security. Still, after mostly staying below 220,000 this year, weekly claims have moved up recently.