US unemployment claims decline

The number of Americans applying for unemployment benefits fell last week, the Labor Department said, a sign that companies aren't cutting many jobs.

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Jobless claims for the week ended June 21 dropped 10,000 to 236,000, a historically-low level. The four-week average of claims, which smooths out weekly volatility, dipped 750 to 245,000.

Applications for unemployment aid are a proxy for layoffs, and so the decline is evidence that businesses are mostly holding onto their employees. Yet separate data suggests hiring also remains cool, in what economists are referring to as a “no hire, no fire” job market.