Slightly fewer Americans apply for jobless aid last week

Associated Press

Updated: Nov 3, 2022 / 07:48 AM CDT

Hiring sign are displayed in Northbrook, Ill., Wednesday, Sept. 21, 2022. The Labor Department releases weekly report on unemployment benefits, Thursday, Nov. 3. (AP Photo/Nam Y. Huh)

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WASHINGTON (AP) — Applications for jobless benefits fell slightly last week with the U.S. job market remaining resilient in the face of rising interest rates and persistent inflation.

Unemployment claims for the week ending Oct. 29 fell by 1,000 to 217,000 from 218,000 the previous week, the Labor Department reported Thursday. The four-week moving average ticked down by 500 to 218,750.

Considered a proxy for layoffs, applications for jobless claims have remained historically low this year, even as the Federal Reserve has cranked up its benchmark borrowing rate six times this year in its effort to cool the economy and tame inflation.

The total number of Americans collecting unemployment aid rose by 47,000 to 1.49 million for the week ending Oct. 22, the highest in seven months, but still not a troubling level.