New applications for unemployment benefits edged higher last week, but still remained near historic lows, suggesting the strong labor market is cooling a bit as the economy slows.
Initial jobless claims, a proxy for layoffs, rose slightly to a seasonally adjusted 244,000 last week from 235,000 the prior week, the Labor Department said Thursday. The figure stands a bit above the 2019 prepandemic weekly average of 218,000, when the U.S. labor market was also strong.
