US applications for unemployment benefits fall to lowest level in 7 months

The number of Americans applying for unemployment benefits last week fell to the lowest level in seven months with the labor market seemingly resistant to the higher interest rates put in to place to cool hiring.

U.S. applications for jobless claims fell by 13,000 to 216,000 for the week ending Sept. 2, the Labor Department reported Thursday. That’s the lowest level since February.

Jobless claim applications are seen as representative of the number of layoffs in a given week.

The Federal Reserve, well into the second year of its battle against inflation, has raised interest rates 11 times to 5.4%, the highest level in 22 years.