Slightly fewer number of Americans apply for jobless benefits as layoffs remain rare

U.S. applications for unemployment benefits inched up modestly this week after reaching their lowest level in eight months the previous week, as the labor market continues to defy the Federal Reserve’s interest rate hikes meant to cool it

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

U.S. applications for unemployment benefits inched up modestly this week after reaching their lowest level in eight months the previous week, as the labor market continues to defy the Federal Reserve's interest rate hikes meant to cool it.

Filings for jobless claims rose by 2,000 to 204,000 for the week ending Sept. 23, the Labor Department reported Thursday. Last week's figure was the lowest since January.

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

The four-week moving average of claims, which quiets some of the week-to-week noise, fell by 6,250 to 211,000.

Overall, 1.67 million people were collecting unemployment benefits the week that ended Sept. 16, about 12,000 more than the previous week.