US applications for jobless benefits come back down after last week's 9-month high

US jobless claims decreased last week, signaling continued low levels of layoffs despite signs of a cooling labor market. The number of applications dropped to 222,000 from 232,000 the previous week. This reduction follows a nine-month peak in jobless claims, yet the average remains historically low.

The labor market shows signs of moderation as April saw the addition of only 175,000 jobs, the smallest increase in six months, and job openings in March hit a three-year low. These trends, along with easing wage growth, might influence the Federal Reserve's upcoming decisions on interest rates amidst efforts to manage inflation.