Downward U.S. Jobless Claims Trend Stalls Out

Worker filings for jobless benefits last week held nearly steady at 411,000, stalling at a level reached in recent weeks as the labor market gradually recovers.

The Labor Department reported Thursday that initial unemployment claims, a proxy for layoffs, moved lower last week to 411,000 from an upwardly revised 418,000 the prior week, when claims rose. The four-week average, which smooths out volatility in the weekly figures, rose slightly off a pandemic low to 397,750.

That uptick was a departure from the recent trend, as claims had fallen for six straight weeks prior...