Number of weekly applications for unemployment benefits in the US drops to the lowest level in 4 months

The number of people in the United States applying for unemployment benefits decreased to the lowest level in four months last week. The Labor Department’s report on Thursday showed a drop of 12,000 jobless claims, bringing the total to 219,000 for the week ending on September 14. This number was lower than the 230,000 new filings that economists had anticipated. The four-week average of claims, which helps to smooth out weekly fluctuations, also decreased by 3,500 to 227,500.

Moreover, the overall number of Americans receiving jobless benefits went down by 14,000 to approximately 1.83 million for the week ending on September 7. This marks the lowest number since early June. Weekly applications for unemployment benefits are significant as they are seen as a key indicator of layoffs.