Jobless claims fall again with labor market churning along

Applications for unemployment benefits in the U.S. fell last week as the labor market continues to show strength despite some weakness in other parts of the economy

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

Applications for unemployment benefits in the U.S. fell last week as the labor market continues to show strength despite some weakness in other parts of the economy.

The number of Americans filing for jobless claims for the week ending April 22 fell by 16,000 to 230,000, the Labor Department reported Thursday.

The four-week moving average of claims, which flattens some of the week-to-week volatility, fell by 6,000 to 236,000. At the start of the year, weekly claims were running around 200,000 and they have gradually moved higher.

The weekly claims numbers are a proxy for layoffs, and continue to show that American workers are enjoying unusual job security despite rising interest rates, economic uncertainty and fears of a looming recession.

Overall, 1.86 million people were collecting unemployment benefits the week that ended April 15, 3,000 fewer than the previous week.