The Labor Department reported a decrease in the number of Americans filing for unemployment benefits last week, indicating relatively low layoffs despite signs of a cooling labor market. Jobless claims dropped by 5,000 to 227,000 for the week ending on August 31, which was lower than the 230,000 new filings expected by analysts. The four-week average of claims, which smooths out weekly fluctuations, also decreased by 1,750 to 230,000.
Weekly filings for unemployment benefits, seen as a gauge for layoffs, remain at historically low levels. The total number of Americans receiving jobless benefits decreased by 22,000 to 1.84 million for the week ending on August 24.
