Fewer Americans file for jobless claims as US labor market continues to defy elevated interest rates
A hiring sign is displayed at a restaurant in Mount Prospect, Ill., Tuesday, Aug. 27, 2024. Credit: AP/Nam Y. Huh
The number of Americans filing for unemployment benefits fell slightly last week as the U.S. labor market remains healthy in the face of high interest rates.
Jobless claims ticked down by 2,000 to 231,000 for the week of Aug. 24, the Labor Department reported Thursday. That's just below the 232,000 new filings analysts were expecting.
The four-week average of claims, which evens out some of the week-to-week volatility, fell by 4,750 to 231,500.
Weekly filings for unemployment benefits, which are considered a proxy for layoffs, remain low by historic standards. They have ticked up in recent months though.
From January through May, claims averaged a paltry 213,000 a week. But they started rising in May, hitting 250,000 in late July and adding to evidence that high interest rates were finally cooling a red-hot U.S. job market.
The total number of Americans collecting jobless benefits rose by 13,000 to 1.87 million for the week of Aug. 17.
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