Unemployment benefits claims dropped to a three-month low last week in a sign that the U.S. labor market remains relatively stable, despite fears over the impact of U.S. tariffs, according to the Associated Press.
Jobless claims for the week ending July 12 fell by 7,000 to 221,000, the Labor Department said Thursday. That’s the fewest since mid-April and lower than the 232,000 that analysts forecast.
Applications for unemployment benefits are largely viewed as a proxy for layoffs.
The total number of Americans collecting unemployment benefits for the week of July 5 remained stable, rising by just 2,000 to 1.96 million.
