The Labor Department said Wednesday that the number of Americans applying for unemployment benefits dipped to 245,000 last week, hovering at historically low levels, the Associated Press reports.
U.S. jobless claims ticked down from 250,000 the week before. Economists had forecast 250,000. The four-week average of claims, which smooths out week-to-week volatility, rose to 245,500, the highest since August 2023.
The number of Americans collecting unemployment benefits the week of June 7 slid to 1.95 million.
Weekly unemployment claims are a proxy for layoffs and have mostly remained within a healthy range of 200,000 to 250,000 since the COVID-19 pandemic.
In recent weeks, however, claims have stayed at the high end of range, adding to evidence that the U.S. job market is decelerating after years of strong hiring. So far this year, employers are adding a decent but far from spectacular 124,000 jobs per month, down from an average 168,000 last year and an average of nearly 400,000 from 2021-23.
