US jobless claims held near historic lows last week

New applications for unemployment benefits ticked up last week and hovered near historic lows, a sign US labor market tightens Despite signs of economic slowdown.

The Labor Department said Thursday that initial jobless claims, a proxy for layoffs, fell to a seasonally adjusted 229,000 last week from a revised level of 231,000 last week. This is slightly above the weekly average of 218,000 in the 2019 pandemic, when the job market was also historically tight.