By Amara OmeokweThe number of workers seeking unemployment benefits fell slightly last week, the latest sign the labor market remains on solid footing. Initial claims, a proxy for layoffs, declined by 9,000 to a seasonally adjusted 228,000 in the week ended July 15, the Labor Department said Thursday. The four-week average of weekly claims, which smooths volatility in weekly numbers, fell by 9,250 to 237,500. Initial claims have trended upward this year, amid job cuts in industries such as technology and finance. Continuing jobless claims, which reflect the number of people seeking an additional week of unemployment benefits, rose to a seasonally adjusted 1.75 million in the week ended July 8 from a downwardly revised 1.72 million a week earlier, according to the Labor Department.

Source: Wall Street Journal July 21, 2023 01:14 UTC