Weekly US applications for unemployment benefits slide to lowest level in 5 months

The number of Americans applying for unemployment benefits slid last week to its lowest level in five months, further evidence that the U.S. labor market continues to defy the Federal Reserve’s attempts to cool it off.

U.S. applications for unemployment benefits fell by 7,000 to 221,000 for the week ending July 22, from 228,000 the week before, the Labor Department reported Thursday. That’s the lowest since February.

The four-week moving average of claims, which smooths out some of the week-to-week volatility, fell y 3,750 to 233,750.