U.S. applications for jobless benefits inch up but layoffs remain historically low

Slightly more Americans applied for jobless claims last week, but layoffs remain low and the labor market continues to show resiliency amid elevated interest rates imposed by the Federal Reserve.

Applications for unemployment benefits ticked up by 2,000 to 207,000 for the week ending Sept. 30, the Labor Department reported today.

Jobless claim applications are considered a proxy for the number of layoffs in a given week.

The four-week moving average of claims, a less volatile measure, fell by 2,500 to 208,750.

Overall, 1.67 million people were collecting unemployment benefits the week that ended Sept. 23, about 5,000 fewer than the previous week.