Overview

• Initial applications for unemployment benefits fell by 5,000 to 229,000 for the week ended Aug. 23, according to the Labor Department.
• Continuing claims slipped to about 1.95 million in the week ended Aug. 16, remaining near the year’s highs that point to longer jobless spells for some.
• The four‑week average of new claims rose to roughly 228,500, a level still consistent with historically low layoffs.
• Economists describe a “no‑hire, no‑fire” backdrop, with monthly job gains averaging about 35,000 over the past three months versus 123,000 a year earlier.
• Fed Chair Jerome Powell signaled at Jackson Hole that downside risks to employment have increased, which investors say could set up a rate cut at the Sept. 16–17 meeting.