WASHINGTON (AP) — The number of Americans applying for unemployment benefits dipped to 245,000 last week, hovering at historically low levels, the Labor Department said Wednesday.

U.S. jobless claims ticked down from 250,000 the week before. Economists had expected last week’s claims to match that at 250,000. The four-week average of claims, which smooths out week-to-week volatility, rose to 245,500, highest since 2023.

The number of Americans collecting unemployment benefits the week of June 7 slid to 1.95 million. Weekly unemployment claims are a proxy for layoffs and mostly have stayed within a healthy band of 200,000 to 250,000.