The number of Americans applying for jobless benefits inches up, but layoffs remain low

By MATT OTT
AP Business Writer

The number of Americans applying for unemployment benefits ticked up last week, but layoffs remain historically low in the face of lingering inflation and high interest rates. Jobless claims for the week ending May 25 rose by 3,000 to 219,000, up from 216,000 the week before, the Labor Department reported Thursday. Weekly unemployment claims are broadly interpreted as a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since millions of jobs were lost when the COVID-19 pandemic hit the U.S. in the spring of 2020.