Jobless Claims Fell Last Week, Trending Near Historic Lows

By Sarah Chaney Cambon

Worker filings for unemployment benefits declined last week, a sign the labor market remains strong.

Initial claims, a proxy for layoffs, decreased by 11,000 to a seasonally adjusted 239,000 in the week ended Aug. 12, the Labor Department said Thursday.

The four-week average for jobless claims, which smooths volatility in the weekly figures, rose slightly last week to 234,250. Claims filings averaged about 220,000 in 2019 when the labor market also was solid.

Initial claims trended upward at the beginning of the year as companies in the technology, finance and real-estate sectors cut jobs.

Job growth, wage gains and inflation cooled over the past year as the pandemic recovery unwound and the Federal Reserve increased interest rates to a 22-year high.

Continuing jobless claims, which reflect the number of people seeking an additional week of unemployment benefits, rose to a seasonally adjusted 1.72 million in the week ended Aug. 5. Continuing claims are reported with a one-week lag.

Write to Sarah Chaney Cambon at sarah.chaney@wsj.com

(END) Dow Jones Newswires

August 17, 2023 08:58 ET (12:58 GMT)

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