US jobless claims fall again as labor market continues to flash strength

Fewer Americans applied for unemployment benefits last week as the labor market continues to show fortitude in the face of higher interest rates

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

Fewer Americans applied for unemployment benefits last week with the labor market continuing to cruise along despite higher interest rates intended to cool hiring.

U.S. applications for jobless claims fell by 9,000 to 228,000 for the week ending July 15, from 237,000 previous week, the Labor Department reported Thursday.

The four-week moving average of claims, which evens out some of the weekly volatility, fell by 9,250 to 237,500.

Jobless claim applications are viewed as reflective of the number of layoffs in a given week.

Overall, 1.75 million people were collecting unemployment benefits the week that ended July 8, about 33,000 more than the previous week.