‘Low-hire, low-fire’ economy grinds on as lower-than-expected jobless claims suggests layoffs aren’t spiking

The number of Americans applying for unemployment benefits declined last week in a sign that overall layoffs remain low, even as several high-profile companies have announced job cuts.

U.S. applications for unemployment benefits in the week ending Nov. 22 dropped 6,000 from the previous week to 216,000, the Labor Department reported Wednesday. The figure is below the 230,000 forecast by economists, according to a survey by data provider FactSet.

Applications for unemployment aid are seen as a proxy for layoffs and are close to a real-time indicator of the health of the job market. The job cuts announced recently by large companies such as UPS and Amazon typically take weeks or months to fully implement and may not yet be reflected in the claims data.

The four-week average of claims, whi