US unemployment claims fall 7,000 to 227,000 in sign of resiliency in job market

The number of Americans applying for unemployment benefits fell last week, another sign that the job market remains resilient in the face of high interest rates. Jobless claims dropped by 7,000 to 227,000 last week, the Labor Department reported Thursday. The four-week average of claims, which smooths out week-to-week ups and downs, fell by 4,500 to 236,500. Weekly filings for unemployment benefits, which are a proxy for layoffs, remain low by historic standards. But they started rising in May, adding to evidence that high interest rates are taking a toll on the U.S. job market.