U.S. unemployment claims drop by 24,000 to 209,000, another sign of labor market resiliency

The number of Americans applying for unemployment benefits fell sharply last week, a sign that U.S. job market remains resilient despite higher interest rates. The Labor Department reported Wednesday that jobless claims were dropped by 24,000 to 209,000. The four-week moving average of claims, which smooths out week-to-week volatility, fell by 750 to 220,000. The applications are viewed as a proxy for layoffs. They remain extraordinarily low by historical standards, signalling that most Americans enjoy unusual job security.