Applications for US jobless benefits fall to lowest level in more than 8 months

By MATT OTT
AP Business Writer

Applications for U.S. unemployment benefits fell to their lowest level in eight months last week as businesses continue to retain workers despite elevated interest rates meant to cool the economy and labor market. The Labor Department reported Thursday that jobless claim applications fell by 13,000 to 198,000 for the week ending Oct. 14. That’s the fewest since January. Jobless claim applications are considered a proxy for layoffs. Despite the low level of weekly first-time jobless benefit applications, the number of Americans remaining on the unemployment rolls — known as “continuing claims” — jumped to its highest level in three months.