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Fewer Americans apply for jobless benefits as labor market keeps humming along

  • The number of Americans filing new claims for unemployment benefits fell by 10,000 to 230,000 for the week ending August 19, indicating a tight labor market despite the Federal Reserve's efforts to cool the economy.
  • The previous week's level was revised up slightly, but economists had forecasted higher claims for the latest week.
  • The strength of the labor market, along with receding inflation, is generating optimism that the economy may avoid a recession.
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