U.S. Jobless Claims Rise to 209,000 but Remain Historically Low

U.S. applications for unemployment benefits rose last week but remained at historically healthy levels, suggesting that layoffs remain limited despite signs of a cooling labor market.

U.S. unemployment claims increased last week but remained near historically low levels, indicating continued job security for many workers.

The Labor Department reported recently that 209,000 people filed initial jobless claims in the week ended Aug. 8, up from a revised 200,000 the previous week and above the 205,000 expected by economists, The Associated Press (AP) reported.

The four-week average of initial claims, which smooths out weekly volatility, remained unchanged at 199,000.

The number of people continuing to receive unemployment benefits for the week ended Aug. 1 fell by 22,000 to 1.78 million.

Jobless claims are a closely watched indicator of layoffs. They have remained in a historically low range of roughly 200,000 to 230,000 a week over the past year, suggesting that workers who already have jobs continue to enjoy relatively strong job security.

The U.S. unemployment rate stood at 4.1%, while the economy remained resilient despite higher energy prices associated with the conflict involving Iran.