US applications for unemployment benefits fall again as job market continues to show strength

The number of Americans applying for unemployment benefits fell last week as the labor market continues to show resilience despite elevated interest rates

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

The number of Americans applying for unemployment benefits fell last week as the labor market continues to show resilience despite elevated interest rates.

Jobless claims fell to 202,000 for the week ending Dec. 30, down by 18,000 from the previous week, the Labor Department reported Thursday. The four-week average of claims, which evens out some of the week-to-week volatility, fell by 4,750 to 207,750.

Overall, 1.86 million Americans were collecting jobless benefits during the week that ended Dec. 23, a decrease of 31,000 from the previous week and the fewest in two months.

Weekly unemployment claims are a proxy for layoffs. They have remained at extraordinarily low levels in the face of high interest rates.