U.S. jobless applications fall to seven-month low

The number of Americans applying for unemployment benefits last week fell to the lowest level in seven months, with the labor market seemingly resistant to the higher interest rates put in place, in part, to cool hiring, according to the Associated Press. Jobless claim applications are seen as representative of the number of layoffs in a given week.

U.S. applications for jobless claims fell by 13,000 to 216,000 for the week ending Sept. 2, the Labor Department reported Thursday. The four-week moving average of claims, which smooths out some of the week-to-week volatility, fell by 8,500 to 229,250.

Overall, 1.68 million people were collecting unemployment benefits the week that ended Aug. 26, about 40,000 fewer than the previous week.