US applications for jobless claims inch back down as companies hold on to their employees

By MATT OTT
AP Business Writer

U.S. applications for unemployment benefits fell slightly last week as businesses continue to retain employees in an economy that has largely withstood rapidly rising interest rates for more than a year. The number of Americans applying for jobless benefits  last fell week by 4,000, to 228,000 the week ending August 26, the Labor Department reported Thursday. Jobless claim applications are seen as representative of the number of layoffs in a given week. Overall, 1.73 million people were collecting unemployment benefits the week that ended August 19, about 28,000 more than the previous week.