The number of Americans applying for unemployment benefits dropped to its lowest point in eight months last week as the labor market continued to perform well despite high interest rates.
The Labor Department announced on Thursday that U.S. applications for unemployment benefits decreased by 20,000 to 201,000 for the week ending September 16. Since the final week of January, that number hasn’t been lower.
Applications for unemployment benefits are thought to be an accurate reflection of the weekly number of layoffs.
A less volatile metric, the claims four-week moving average, decreased by 7,750 to 217,000. The week that ended September 9 saw a total of 1.66 million people receiving unemployment benefits, which is 21,000 fewer than the week before.