U.S. applications for jobless benefits rose modestly last week as business continue to retain workers despite fears of a possible economic downturn.
Jobless claim applications inched up by 6,000 to 222,000 for the week ending April 19, the Labor Department said Thursday. That’s just barely more than the 220,000 new applications analysts forecast.
Weekly applications for jobless benefits are considered a proxy for layoffs, and have mostly stayed in a healthy range between 200,000 and 250,000 for the past few years.
The four-week average of applications, which evens out some of the week-to-week volatility ticked down by 750 to 220,250.
The total number of Americans receiving unemployment benefits for the week of April 12 declined by 37,000 to 1.84 million.
