WASHINGTON, D.C. – Weekly applications for unemployment benefits edged lower, reaching their lowest level since mid-July as U.S. employers continued to retain workers at historically strong rates. The four-week average of new unemployment claims also declined, suggesting the labor market remains stable rather than reflecting a short-term shift. Initial claims have generally remained below 220,000 since the beginning of the year, an unusually low level by historical standards. Businesses have been cautious about reducing their workforces, in part because of staffing shortages that followed the pandemic-era reopening.
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