The count of Americans that apply for jobless benefits had dropped to the lowest in the last week, which is the lowest in five months, which is further proof of the continuous defy of the US labor market to the attempts of the Federal Reserve to cool it down.

The applications in the US for unemployment benefits fell down to 221,000 by 7,000 for the ending week in July, from 228,000 the former week, as reported by the Labor Department on Thursday.

That has been the lowest since February.

The four-week average moving claims, that even out some of the weekly volatility, dropped by 3,750 to 233,750.

Unemployment claim applications are widely recognized as a proxy for the estimated layoffs in a given week. Altogether, about 1.69 million Americans were fetching jobless benefits for the week that ended on 15th July, which is approximately 59,00 lesser than the week before and the lowest since January.

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