U.S., Montana job markets stays strong despite inflation

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell sharply last week, a sign that U.S. job market remains resilient despite higher interest rates.

The Labor Department reported Wednesday that jobless claims dropped by 24,000 to 209,000. The previous week's total — 233,000 — had been the highest since August. The four-week moving average of claims, which smooths out week-to-week volatility, fell by 750 to 220,000.

The applications are viewed as a proxy for layoffs. They remain extraordinarily low by historical standards, signalling that most Americans enjoy unusual job security.