The number of Americans seeking jobless benefits falls as employers continue to hold on to workers

U.S. applications for unemployment benefits fell last week as employers continue to retain workers despite resurgent inflation and elevated interest rates

Unemployment Benefits (Copyright 2024 The Associated Press. All rights reserved.)

U.S. applications for unemployment benefits fell last week as employers continue to retain workers despite resurgent inflation and elevated interest rates.

The number of Americans filing for jobless benefits fell by 7,000 to 213,000 for the week ending February 8, the Labor Department said Thursday. Analysts projected that 215,000 new applications would be filed.

Weekly applications for jobless benefits are considered representative of layoffs.

The four-week average, which smooths out some of the week-to-week volatility, inched down by 1,000 to 216,000.

The total number of Americans receiving unemployment benefits for the week of February 1 fell to 1.85 million, a decrease of 36,000 from the previous week.