Fewer Americans filed for unemployment benefits last week as layoffs remained at historically healthy levels despite elevated interest rates.
The Labor Department reported Thursday that jobless claim applications fell by 12,000 to 216,000 for the week of Oct. 26. That’s fewer than the 227,000 analysts forecast.
Weekly applications for jobless benefits are considered a proxy for U.S. layoffs.
The four-week average of weekly claims, which quiets some of the week-to-week fluctuations, fell by 2,250 to 236,500.
Continuing claims, the total number of Americans collecting jobless benefits, declined by 26,000 to 1.86 million for the week of Oct. 19.
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