Fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy.
Applications for jobless aid for the week ending Aug. 20 fell by 2,000 to 243,000, the Labor Department reported this morning.
The four-week average for claims, which evens out some of the week-to-week volatility, rose by 1,500 to 247,000.
The number of Americans collecting traditional unemployment benefits fell by 19,000 the week that ended Aug. 13, to 1.42 million.
First-time applications generally reflect layoffs and are often seen as an early indicator of where the job market is headed.
Hiring in the U.S. in 2022 has been remarkably strong even as the country faces rising interest rates and weak economic growth.
U.S. employers added 528,000 jobs in July, according to the Labor Department, more than double what forecasters had expected. The unemployment rate dipped to 3.5%, tying a 50-year low reached just before the coronavirus pandemic slammed the U.S. economy in early 2020. Read the full story.
