WASHINGTON (AP) \u2014 The number of people applying for U.S. unemployment benefits dipped last week to the lowest level since mid-July as layoffs remain low and most American workers enjoy job security.<\/p>\n
The Labor Department said Thursday that initial jobless claims ticked down to 197,000 from a revised 198,000 the week before. The four-week average of claims, which smooths out week-to-week volatility, dropped by 2,500 to 200,000.<\/p>\n
READ MORE: What the Fed rate hike likely means for you<\/a><\/p>\n Claims for jobless benefits are a proxy for layoffs, and economists watch them because they can be a sign of where the job market is headed. So far this year, claims have mostly stayed below 220,000 \u2014 historically low.<\/p>\n The American job market has remained sturdy despite higher energy prices that have squeezed businesses and consumers since the fighting with Iran began Feb. 28.<\/p>\n The U.S. on Tuesday reported that U.S. employers posted fewer job openings in August. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) also showed that layoffs fell and the number of people quitting their jobs \u2014 a sign of confidence in their prospects \u2014 retreated slightly in August. The report’s measure of gross hiring \u2014 before subtracting people who quit or lost their jobs \u2014 ticked up modestly in August but remains at low levels.<\/p>\n