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U.S. applications for unemployment benefits fell slightly last week as businesses continue to retain employees in an economy that has largely withstood rapidly rising interest rates for more than a year U.S. applications for unemployment benefits fell slightly last week as companies held on to employees in an economy that has largely withstood rapidly rising interest rates, intended to cool hiring and spending, for more than a year. The number of Americans applying for jobless benefits last fell week by 4,000, to 228,000 the week ending August 26, the Labor Department reported Thursday. The four-week moving average of claims , which evens out some of the weekly volatility, rose by 250 to 237,500. Jobless claim applications are seen as representative of the number of layoffs in a given week. The Federal Reserve, in its now year-and-a-half battle against inflation, has raised interest rates 11 times to 5.4%, the highest level in 22 years. Part of the Fed’s intent was to cool the job ...

The layoffs at CVS will affect "non-customer facing positions," the company said. CVS Health is laying off 5,000 employees as part of an effort to shed costs, the retail and pharmacy chain confirmed on Tuesday. The layoffs will primarily affect "non-customer facing positions" such as corporate roles, the company said, adding that it does not expect the move to impact brick-and-mortar stores, pharmacies and clinics. "Our industry is evolving to adapt to new consumer Health needs and expectations," CVS told ABC News in a statement. "As part of an enterprise initiative to reprioritize our investments around care delivery and Technology , we must take difficult steps to reduce expenses." Laid-off workers will receive severance pay and benefits, the company said, including access to "outplacement services" to help find a job elsewhere. "We're committed to supporting impacted colleagues," the company said. MORE: Interest rates ...