Slightly 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. 13 fell by 2,000 to 250,000, the Labor Department reported this morning. Last week’s number, which raised some eyebrows, was revised down by 10,000.
The four-week average for claims, which evens out some of the week-to-week volatility, fell by 2,750 to 246,750.
The number of Americans collecting traditional unemployment benefits increased by 7,000 the week that ended Aug. 6, to 1.43 million. That’s the most since early April.
Unemployment applications generally reflect layoffs and are often seen as an early indicator of where the job market is headed.
U.S. hiring in 2022 has been remarkably resilient in the face of rising interest rates and weak economic growth.
The Labor Department reported earlier this month that U.S. employers added 528,000 jobs in July, 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 more.
