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The number of Americans applying for unemployment benefits hit its lowest level in three months last week as the US labor market continues to show strength despite higher interest rates.
The Labor Department reported Thursday that jobless claims applications fell to 202,000 in the week ending Jan. 6, down 1,000 from the previous week. The four-week average of claims, which evens out some week-to-week volatility, declined by 250 to 207,750.
Overall, 1.83 million Americans were receiving jobless benefits during the week ending Dec. 30, down 34,000 from the previous week.
Weekly unemployment claims are a proxy for layoffs. They remain at exceptionally low levels despite high interest rates and increased inflation.
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