The number of people filing initial applications for U.S. state unemployment benefits fell sharply last week, the government reported Thursday, suggesting a stable job market despite a slowing global economy hitting stocks and commodities. The Labor Department said jobless claims fell 16,000 to 269,000 last week. Claims have been below 300,000—a level consistent with an improving job market—for 49 consecutive weeks, the longest stretch since the early 1970s. The four-week moving average of jobless claims—a better gauge of labor-market trends because it smoothes weekly volatility—fell 3,500 to 281,250 last week. Employers still seem to expect the economy to grow. Jobless claims are a proxy for layoffs, and the low claims over the past year suggests that companies are retaining workers and possibly looking to hire more. The labor market has withstood the pressures created by a slowing Chinese economy, fragile growth in Europe, and turmoil in developing economies such as Russia, Brazil, and Venezuela.
