The number of people filing for U.S. unemployment benefits fell last week, remaining at historic lows as layoffs are rare and most Americans enjoy job security.
Government figures released Thursday showed that 203,000 applications were filed in the week ending Aug. 22. That’s down from 212,000 the previous week.
Jobless claims have generally stayed below 250,000 for months, a level economists consider consistent with a healthy labor market. Before the pandemic, claims typically hovered around 215,000 to 220,000 per week.
Applications for unemployment benefits are a weekly snapshot of layoffs. They have been remarkably low for more than a year, indicating that U.S. businesses are hesitant to let workers go despite higher interest rates and slower economic growth.
Employers have been gradually reducing their hiring, but significant layoffs have not materialized. The Labor Department is expected to report Friday that the U.S. economy created 150,000 jobs in August, a modest but steady increase. The unemployment rate is expected to remain at 3.5%, a half-century low.
Workers are also finding it easier to find new jobs, with the number of people collecting unemployment benefits falling to 1.7 million in the week ending Aug. 15, the lowest level since 1969.
