Jobless claims fall 11,000 to 239,000. Layoffs in the U.S. still low

Unemployment claims typically rise when the economy weakens and a recession approaches. Yet claims still show a low number of job losses in a surprisingly resilient U.S. economy.

Economists had forecast the new claims in the week ended Aug. 12 to total 240,000.

Key details: New jobless claims declined in 43 of the 53 states and territories that report these figures to the federal government.

The other 10 posted small increases in new claims.

The number of people collecting unemployment benefits in the U.S., meanwhile, climbed by 32,000 to 1.72 million. Most laid-off workers appear to be finding new jobs relatively quickly.

Big picture: The jobs market isn’t hopping as much as it was last year, but plenty of companies are hiring and and there’s little sign of rising layoffs.

The economy is likely to keep expanding and stay out of a recession if unemployment remains low.

Market reaction: The Dow Jones Industrial Average
DJIA,
-0.52%
and S&P 500
SPX,
-0.76%
were set to open higher in Thursday trades.