US applications for jobless benefits fall again as labor market continues to defy the Fed actions

The number of Americans applying for jobless benefits fell again last week as the labor market continues defy the Federal Reserve’s attempt to cool it by raising interest rates

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

The number of Americans applying for jobless benefits fell again last week as the labor market continues defy the Federal Reserve’s attempt to cool it by raising interest rates.

U.S. applications for jobless claims fell by 12,000 to 237,000 for the week ending July 8, from 249,000 previous week, the Labor Department reported Thursday.

The four-week moving average of claims, which smooths out some of the week-to-week ups and downs, fell by 6,750 to 246,750.

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

Overall, 1.73 million people were collecting unemployment benefits the week that ended July 1, 11,000 fewer than the previous week.