US applications for jobless claims inch back down as companies hold on to their employees

U.S. applications for unemployment benefits fell slightly last week as businesses continue to retain employees in an economy that has largely withstood rapidly rising interest rates for more than a year

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

U.S. applications for unemployment benefits fell slightly last week as companies held on to employees in an economy that has largely withstood rapidly rising interest rates for more than a year.

The number of Americans applying for jobless benefits last fell week by 4,000, to 228,000 the week ending August 26, the Labor Department reported Thursday.

The four-week moving average of claims, which evens out some of the weekly volatility, rose by 250 to 237,500.

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

Overall, 1.73 million people were collecting unemployment benefits the week that ended August 19, about 28,000 more than the previous week.