US jobless claims fall to lowest since mid-July - South China Morning Post

The American job market has remained sturdy despite higher energy prices The number of people applying for US unemployment benefits dipped last week to the lowest level since mid-July as lay-offs remain low and most American workers enjoy job security. The Labor Department said on Thursday that initial jobless claims ticked down to 197,000 from a revised 198,000 the week before. The four-week average of claims, which smooths out week-to-week volatility, dropped by 2,500 to 200,000. Claims for jobless benefits are a proxy for lay-offs, and economists watch them because they can be a sign of where the job market is headed. So far this year, claims have mostly stayed below 220,000 – historically low.