The labor market remains extraordinarily resilient.
New claims for unemployment benefits fell by 9,000 to 228,000 in the week that ended June 15, the Labor Department said Thursday.
The four-week moving average of claims fell by 9,250 to 237,500. Initial jobless claims are a proxy for layoffs. They have remained very low despite the Federal Reserve’s 10 interest rate hikes.
Continuing claims, which are reported with a one week delay, rose by 33,000 to 1,754,000 for the week that ended July 8. The four week moving average of ongoing claims fell by 1,750 to 1,731,500. Even after the increase, this is a historically low level of continuing claims.
Economists had forecast an increase in claims to 241,000.
