Fewer Americans apply for jobless benefits

The number of Americans applying for unemployment benefits fell this week as the labor market continues to hold up in the face of the Federal Reserve aggressive campaign to cool the economy and bring down inflation.

Jobless claims in the U.S. for the week ending April 1 fell by 18,000 to 228,000 from the previous week’s revised level, the Labor Department said today.

The Labor Department said it revised the factors for its seasonal adjustments, which can cause big swings in the numbers.

The four-week moving average of claims, which flattens some of the week-to-week volatility, fell by 4,250 to 237,750.

Applications for unemployment benefits serve as a proxy for the number of layoffs in the U.S.

About 1.82 million people were receiving jobless aid the week that ended March 25, an increase of 6,000 from the week before.