U.S. applications for unemployment benefits inched up last week as layoffs remain historically low and most American workers enjoy job security.
Initial jobless claims for the week ending October 10 ticked up by 1,000 to 199,000 from the week before, the Labor Department said Thursday. The four-week average of claims, which smooths out week-to-week volatility, rose by 250 to 198,500.
Claims for jobless benefits are a proxy for layoffs, and economists watch them closely because they can provide signs of where the job market is headed. So far this year, claims have remained at a historically low level below 220,000.
The total number of Americans filing for unemployment benefits for the previous week ending October 3 fell by 4,000 to 1.71 million, also a historically healthy figure.