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US weekly jobless claims drop to five-month low

US weekly jobless claims drop to five-month low
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The number of Americans submitting applications for unemployment benefits fell to a five-month low last week, the Labor Department announced Thursday.

Initial filings for benefits fell to a seasonally adjusted 204,000 for the week ending on Sept. 7, down 15,000.

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That marks the lowest level since April, the department said, and the largest single week drop in claims since May.

The four-week moving average of initial claims, which irons out week-to-week volatility, such as Labor Day being last week, fell 4,250 to 212,500 last week.

The figures indicate a strong labor market despite increasing worries of a recession.

While layoffs are low, the rate of job growth is slowing.

The U.S. and China's protracted trade conflict, for which negotiations have seemed to stall, is also putting pressure on the economy.