Applications for jobless benefits in the U.S. retreat after three weeks of higher claims

Applications for unemployment benefits fell significantly last week after claims appeared to stabilize at modestly elevated levels in recent weeks.

U.S. applications for jobless claims fell by 26,000 to 239,000 for the week ending June 24, the Labor Department reported Thursday. Economists were expecting the elevated claims numbers to continue above 260,000, where they had settled the past three weeks.

The four-week moving average of claims, which evens out some of the weekly fluctuations, rose by 1,500 to 257,500.

Jobless claims applications are seen as representative of the number of layoffs in a given week.

Overall, 1.74 million people were collecting unemployment benefits the week that ended June 17, 19,000 fewer than the previous week.