The number of Americans applying for unemployment benefits last week fell to the lowest level in four months, the Associated Press reports.
The Labor Department reported Thursday that applications for jobless claims fell by 4,000 to 218,000 for the week of Sept. 21. It was the fewest since mid-May and less than the 224,000 analysts were expecting. Last week’s figure was revised up by 3,000. The four-week average of claims, which evens out some of weekly volatility, fell by 3,500 to 224,750.
Applications for jobless benefits are widely considered a proxy for U.S. layoffs in a given week.
Weekly filings for unemployment benefits have fallen two straight weeks after rising modestly higher starting in late spring. Though still at historically healthy levels, the recent increase in jobless claims and other labor market data signaled that high interest rates may finally be taking a toll on the labor market.
Thursday’s report said that the total number of Americans collecting jobless benefits rose by 13,000 to about 1.83 million for the week of Sept. 14.
