US Jobless Claims Drop as Labor Market Shows Resilience

Unemployment benefits applications fall, suggesting steady employment despite high interest rates.

Jobless claims for the week ending July 6 decreased by 17,000 to 222,000.
The total number of Americans collecting unemployment benefits fell for the first time in 10 weeks.
The four-week average of claims dropped to 233,500, indicating less volatility.
Economists note the labor market remains robust, countering recession fears.
The Federal Reserve's rate hikes since 2022 aim to curb inflation without causing mass layoffs.