WASHINGTON (AP) — The number of Americans applying for unemployment claims dipped last week to 194,000 — the lowest since mid-July — as layoffs remain low and most Americans enjoy job security.

The Labor Department reported Thursday that initial jobless claims were down last week from a revised 195,000 the week before. The four-week average of claims, which strips out week-to-week volatility, fell to 196,750.

Applications for jobless benefits are a proxy for layoffs, and economists watch them closely because they can provide signs of where the job market is headed. So far this year, claims have remained at historically low levels, never topping 230,000 in a single week. They've come in at or below 200,000 for seven straight weeks.

So far this year, employers — companies, government agencies and nonprofits — have been adding an average of 68,000 jobs a month, including a disappointing 29,000 last month. That is an improvement on a lackluster 2025 when monthly job creation averaged 9,700 as high interest rates and President Donald Trump’s unpredictable trade policies discouraged hiring.

Consumer spending has remained resilient and a surge in investment in artificial intelligence has lifted economic growth.

The Labor Department will release hiring numbers for October next Friday Nov. 6. They are expected to show that the economy added 55,000 jobs this month, according to a survey of forecasters by the data firm FactSet.