By CHRISTOPHER RUGABER, Associated Press Economics Writer

WASHINGTON (AP) — Fewer Americans sought unemployment benefits last week as employers appear to be holding onto their workers even as the economy has slowed.

Applications for unemployment benefits for the week ending Aug. 23 dropped 5,000 to 229,000, the Labor Department reported Thursday.

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Measures of the job market are being closely watched on Wall Street and by the Federal Reserve as the most recent government data suggests hiring has slowed sharply since this spring. Job gains have averaged just 35,000 a month in the three months ending in July, barely one-quarter what they were a year ago.

Weekly applications for jobless benefits are seen as a proxy for layoffs and have mostly settled in a historically healthy range between 200,000 and 250,000 since the U.S. began to emerge from the COVID-19 pandemic more than three years ago.

While layoffs are low, hiring has also weakened as part of what many economists describe as a “no hire, no fire” economy. Still, the unemployment rate remains a low 4.2%.

Growth has weakened so far this year as many companies have pulled back on expansion projects amid the uncertainty surrounding the impacts of President Donald Trump’s tariff policies. Growth slowed to a 1.3% annual rate in the first half of the year, down from 2.5% in 2024.

The sluggishness in the job market is a key reason that Federal Reserve Chair Jerome Powell signaled last week that the central bank may cut its key interest rate at its next meeting Sept. 16-17. A cut could reduce other borrowing costs in the economy, including mortgages, auto loans, and business loans.

The Labor Department’s report also showed that the four-week average of claims, which softens some of the week-to-week swings, rose by 2,500 to 228,500.

The total number of Americans collecting unemployment benefits for the previous week of Aug. 16 fell 7,000 to 1.95 million, down from nearly a four-year high reached earlier this month. The stubbornly high number of people continuing to collect jobless aid suggests that once out of work, many Americans are having trouble finding new jobs.

‘Match Game” legend Nipsey Russell has been hanging out with the Grim Reaper for a while now, but he and Kevin Cusick are still following the NFL with feverish intensity. That’s still our story, and we’re still sticking with it …

MINNESOTA VIKINGS

“A Tale of Two JJ’s”

New QB on the scene

Is novice Wolverine

Can he be among best in the game?

Will be tragic, alas

If, again, comes to pass

All-world Jefferson coming up lame

Minnesota Vikings wide receiver Justin Jefferson is seen before the start of a preseason NFL football game against the New England Patriots Saturday, Aug. 16, 2025, in Minneapolis. (AP Photo/Bruce Kluckhohn)

KANSAS CITY CHIEFS

“The Life of a Showgirl’s Beau”

For years he shattered tight end mold

Each hardened critic turned believer

But as Travis Kelce gets old

Now Patrick’s sixth-favorite receiver

Travis Kelce #87 of the Kansas City Chiefs kisses Taylor Swift after defeating the San Francisco 49ers 25-22 in overtime during Super Bowl LVIII at Allegiant Stadium on Feb. 11, 2024 in Las Vegas, Nevada. (Ezra Shaw/Getty Images)

WASHINGTON COMMANDERS

“What’s in a Name”

Should DC’s team take back old name?

Commander-in-chief turning preachy

On this, “Redskins” fans feeling shame

Backing Trump, whose face paint’s more peachy

FILE – Native American leaders protest against the Redskins team name and logo outside U.S. Bank Stadium before an NFL football game between the Minnesota Vikings and the Washington Redskins in Minneapolis on Oct. 24, 2019. (AP Photo/Bruce Kluckhohn, File)

GREEN BAY PACKERS

“Riding Coach”

Despite all his wins with the Pack

Some fans look askance on LaFleur

From tone of the trolling attack

You’d think that his name was “Shedeur”

Green Bay Packers head coach Matt LaFleur talks with side judge Jeff Lamberth (21) during the first half of an NFL football game against the Detroit Lions Thursday, Dec. 5, 2024, in Detroit. (AP Photo/Duane Burleson)

DALLAS COWBOYS

“Jerry Rigged”

This week’s football fix

We turned to Netflix

An eight-hour ode to The Boys

Thirty years, Dallas moans

Thanks to foibles of Jones

Their crash, one of life’s purest joys

Dallas Cowboys owner Jerry Jones walks the field before the game against the Washington Commanders at FedExField on Jan. 07, 2024 in Landover, Maryland. (Photo by Patrick Smith/Getty Images)

NEW ENGLAND PATRIOTS

“In the Pink?”

What’s powder Diggs dished out on cruise?

Our old Vikings fave has no answer

Pats fans can relax with the news

They’ve found their new locker room cancer

New England Patriots wide receiver Stefon Diggs during an NFL football practice, Monday, June 9, 2025, in Foxborough, Mass. (AP Photo/Charles Krupa)

LOS ANGELES CHARGERS

“Ode to a Sign Stealer”

Franchise has 65 years with no crown

So a Super Bowl ring would be sweet

Millions will cheer when again Bolts go down

Since risible coach is a cheat

Head coach Jim Harbaugh of the Los Angeles Chargers looks on during warm ups prior to the game against the Kansas City Chiefs at GEHA Field at Arrowhead Stadium on Dec. 08, 2024 in Kansas City, Missouri. (Photo by David Eulitt/Getty Images)

LAS VEGAS RAIDERS

“The Jordan Rules”

Old Pete Carroll acted quick

Unretired like Belichick

At seventy-three, he’s a sage

Still has something to prove

Matching Bill’s power move:

Date someone his granddaughters’ age

Las Vegas Raiders head coach Pete Carroll holds a football while wearing Seattle Seahawks wide receiver Jaxon Smith-Njigba’s sunglasses before an NFL preseason football game Thursday, Aug. 7, 2025, in Seattle. (AP Photo/Lindsey Wasson)

DETROIT LIONS

“Campbell’s Soup”

There once was a burly coach, Dan

Biting knees as hard as he can

Blowing chances at crown

Foolish gambles: fourth down

‘Til proved otherwise, just a clown

Detroit Lions head coach Dan Campbell speaks at a news conference after the NFC Championship NFL football game against the San Francisco 49ers in Santa Clara, Calif., Sunday, Jan. 28, 2024. (AP Photo/Jed Jacobsohn)

BALTIMORE RAVENS

“Addition by Subtraction”

Ravens couldn’t act quicker

In dumping their kicker

Despite thoughts that Tucker might sue

Removing the weirdo

Who lived by the credo

“What would Deshaun Watson do?”

FILE – Baltimore Ravens place kicker Justin Tucker (9) walk on the field before an NFL football game against the Los Angeles Chargers, Monday, Nov. 25, 2024, in Inglewood, Calif. (AP Photo/Ryan Sun, FIle)

CHICAGO BEARS

“QB or not QB?”

McCaskeys have shelled out big bucks

To bolster a roster in flux

T’will be same old sad tale

Johnson destined to fail

If No. 1 quarterback sucks

Minnesota Vikings linebacker Dallas Turner (15) sacks Chicago Bears quarterback Caleb Williams (18) in the third quarter of a NFL football game at U.S. Bank Stadium in Minneapolis on Monday, Dec. 16, 2024. (John Autey / Pioneer Press)

CLEVELAND BROWNS

“Legendary”

Surely, Shedeur could be humbler

While breaking Cleveland from slumber

As he barely makes team

All those Deion fans scream

To demand Browns retire his number

Cleveland Browns quarterback Shedeur Sanders (12) answers a question during a news conference at NFL football minicamp in Berea, Ohio, Tuesday, June 10, 2025. (AP Photo/Sue Ogrocki)

PHILADELPHIA EAGLES

“If You Can’t Beat ‘Em …”

Birds’ rivals proved to be some votes short

In their failed rule-making ambush

So from now on, we’re sad to report

32 teams will use the Tush Push

Philadelphia Eagles quarterback Jalen Hurts (1) scores against the Kansas City Chiefs during the first half of the NFL Super Bowl 59 football game, Sunday, Feb. 9, 2025, in New Orleans. (AP Photo/Charlie Riedel)

BUFFALO BILLS

“HBO Maxout”

They’ll again be the beast

Of the AFC East

For bettors, it’s safest of locks

But we’ll be party pooper:

No one has been Super

After starting the year on “Hard Knocks”

Buffalo Bills quarterback Josh Allen (17) runs with the ball against Kansas City Chiefs linebacker Nick Bolton (32) during the AFC Championship NFL football game against the Sunday, Jan. 26, 2025, in Kansas City, Mo. (AP Photo/Peter Aiken)

PITTSBURGH STEELERS

“Immunized from Victory”

Despite Aaron’s hopes to be gunning

Tomlin’s Steelers just keep on running

Rodgers’ only recourse

Hit the airwaves, of course

Complaining to McAfee … stunning!

Pittsburgh Steelers quarterback Aaron Rodgers participates during practice at NFL football minicamp Thursday, June 12, 2025, in Pittsburgh. (AP Photo/Matt Freed)

MIAMI DOLPHINS

“Goin’ to Kansas City?”

Hill’s salad days ceased

Getting cuffed by police

Miami turned vice on the Cheetah

Tyreek much more at home

Catching balls from Mahomes

Going back to the Chiefs would be neat-ah

Cleveland Browns linebacker Mohamoud Diabate (43) attempt to tackle Miami Dolphins wide receiver Tyreek Hill (10) during an NFL football game, Sunday, Dec. 29, 2024, in Cleveland. (AP Photo/Kirk Irwin)

HOUSTON TEXANS

“C.J. M.I.A.”

As a rookie, Stroud was starring

With his prowess to run and to pass

So his sophomore slump was jarring

When he spent all last year on his a**

Houston Texans quarterback C.J. Stroud, right, is sacked by Kansas City Chiefs defensive end George Karlaftis (56) during the second half of an NFL football divisional playoff game, Saturday, Jan. 18, 2025 in Kansas City, Mo. The Chiefs defeated the Texans by a score of 23-14. (AP Photo/Reed Hoffmann)

JACKSONVILLE JAGUARS

“Two Ways to Nowhere”

You’ve got to love Hunter

He’s all but a punter

Would play offense and defense for Jags

But sadly, in Duval

Their last overhaul

Left roster with just scallywags

Jacksonville Jaguars wide receiver Travis Hunter (12) poses for a photo with a fan during practice at NFL football minicamp, Wednesday, June 11, 2025, in Jacksonville, Fla. (AP Photo/John Raoux)

NEW YORK JETS

“Justin Time”

In the swamps, Meadowlands

They’ve been paring down plans

And ratcheted down visions of glory

So they’re hoping Fields

Eventually yields

Something better than usual gory

Pittsburgh Steelers quarterback Justin Fields (2) celebrates during an NFL football game against the Cleveland Browns, Thursday, Nov. 21, 2024, in Cleveland. The Browns won 24-19. (AP Photo/David Richard)

SAN FRANCISCO 49ERS

“No-Run CMC”

McCaffrey once set world ablaze

Leaving lesser teams’ fans amazed

But he’s constantly lame

Barely makes half a game

Niners dynasty talk: Just a phase

San Francisco 49ers running back Christian McCaffrey (23) warms up before an NFL football game against the Buffalo Bills in Orchard Park, N.Y., Sunday, Dec. 1, 2024. (AP Photo/Adrian Kraus)

INDIANAPOLIS COLTS

“The Spirit of ‘24””

Indy fans have no cause to rejoice

Their impending offensive disgrace

The Horseshoe’s quarterback choice

Is worst since last president’s race

Quarterback Anthony Richardson #5 of the Indianapolis Colts holds off Isaiah Oliver #23 of the New York Jets as he scrambles during the fourth quarter at MetLife Stadium on Nov. 17, 2024 in East Rutherford, New Jersey. (Photo by Al Bello/Getty Images)

SEATTLE SEAHAWKS

“That Darn Quarterback”

‘Twas wonderful year for ol’ Sam

Then Vikings requested he scram

Now he’s at Puget Sound

For another rebound

More likely, again runs aground

Seattle Seahawks quarterback Sam Darnold warms up during practice at NFL football minicamp, Wednesday, June 11, 2025, at the team’s training facility in Renton, Wash. (AP Photo/Ryan Sun)

DIVISIONAL RACES

NFC North

Lions (11-6), Vikings (9-8), Packers (8-9), Bears (8-9)

NFC East

Eagles (11-6), Commanders (9-8), Cowboys (7-10), Giants (4-13)

NFC South

Buccaneers (10-7), Falcons (9-8), Panthers (5-12), Saints (1-16)

NFC West

49ers (10-7), Rams (10-7), Cardinals (9-8), Seahawks (7-10)

AFC East

Bills (12-5), Dolphins (9-8), Patriots (8-9), Jets (8-9)

AFC North

Ravens (12-5), Bengals (10-7), Steelers (9-8), Browns (3-14)

AFC South

Texans (10-7), Jaguars (9-8), Colts (7-10), Titans (5-12)

AFC West

Chiefs (12-5), Chargers (11-6), Broncos (11-6), Raiders (8-9)

Minnesota Vikings quarterback Sam Darnold (14) is sacked by Detroit Lions defensive end Za’Darius Smith (99) during the first half of an NFL football game Sunday, Jan. 5, 2025, in Detroit. (AP Photo/Rey Del Rio)

PLAYOFF PREDICTIONS

NFC wild card

Vikings over Cardinals, Rams over 49ers, Lions over Buccaneers

AFC wild card

Chiefs over Broncos, Ravens over Chargers, Bengals over Texans

NFC divisional

Eagles over Rams, Lions over Vikings

AFC divisional

Bills over Bengals, Ravens over Chiefs

NFC championship

Lions over Eagles

AFC championship

Ravens over Bills

Super Bowl LX

Ravens over Lions

Baltimore Ravens running back Derrick Henry (22) breaks away from Houston Texans safety Calen Bullock during an NFL football game Wednesday, Dec. 25, 2024, in Houston. (AP Photo/David J. Phillip)

Coming next week

The Loop begins our annual drive for prognostication perfection with the Week 1 Fantasy Football column on Wednesday and the Week 1 NFL picks on Sunday.

You can hear Kevin Cusick on Wednesdays on Bob Sansevere’s “BS Show” podcast on iTunes. You can follow Kevin on X — @theloopnow. He can be reached at kcusick@pioneerpress.com.

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By PAUL WISEMAN, Associated Press Economics Writer

WASHINGTON (AP) — The U.S. economy rebounded this spring from a first-quarter downturn caused by fallout from President Donald Trump’s trade wars.

In an upgrade from its first estimate, the Commerce Department said Thursday that U.S. gross domestic product — the nation’s output of goods and services — expanded at a 3.3% annual pace from April through June after shrinking 0.5% in the first three months of 2025. The department had initially estimated second-quarter growth at 3%.

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The first-quarter GDP drop, the first retreat of the U.S. economy in three years, was mainly caused by a surge in imports — which are subtracted from GDP — as businesses scrambled to bring in foreign goods ahead of Trump’s tariffs. That trend reversed as expected in the second quarter: Imports fell at a 29.8% pace, boosting April-June growth by more than 5 percentage points.

The Commerce Department reported that consumer spending and private investment were a bit stronger in the second quarter than it had first estimated.

Consumer spending, which accounts for about 70% of GDP, grew at a 1.6% annual pace, lackluster but better than 0.5% in the first quarter and the 1.4% the government initially estimated for the second.

Even with an upward revision, private investment dropped at a 13.8% annual pace from April through June. That would be biggest drop since the second quarter of 2020 at the height of the coronavirus pandemic. A reduction in private inventories cut almost 3.3 percentage points off second-quarter GDP growth.

Spending and investment by the federal government fell at a 4.7% annual clip on top of a 4.6% drop in the first quarter.

A category within the GDP data that measures the economy’s underlying strength came in stronger than first reported, growing 1.9% from April-June, same as in the first quarter. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending.

Since returning to the White House, Trump has overturned decades of U.S. policy that had favored freer trade. He’s slapped double-digit taxes on imports from almost every country on earth and targeted specific products for tariffs, too, including steel, aluminum and autos.

Trump sees tariffs as a way to protect American industry, lure factories back to the United States and help pay for the massive tax cuts he signed into law July 4.

But mainstream economists — viewed with disdain by Trump and his advisers — say that his tariffs will damage the economy, raising costs and making protected U.S. companies less efficient. They note that tariffs are paid by importers in the United States, who try to pass along the cost to their customers via higher prices. Therefore, tariffs can be inflationary — though their impact so far has been modest.

The erratic way Trump has imposed the tariffs — announcing and suspending them, then coming up with new ones — has left businesses bewildered and uncertain about investments and hiring.

NEW YORK (AP) — The Rev. Al Sharpton will lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives.

The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963.

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Sharpton, in a statement, called DEI the “civil rights fight of our generation.”

Since returning to the White House in January, President Donald Trump has moved to end DEI programswithin the federal government and warned schools to do the same, or risk losing federal money.

In response, Sharpton’s civil rights group, the National Action Network, has encouraged consumers to avoid U.S. retailers that scaled backed policies and programs aimed at bolstering diversity among their employees and reducing discrimination against members of minority groups, women and LGBTQ+ people.

Earlier this year, Sharpton met with Target’s CEO as groups called for a boycott of the retail giant, which joined Amazon, Walmart and other major retailers in foregoing DEI initiatives.

The civil rights leader has also called for “buy-cotts” in support of companies such as Costco that have stuck by their DEI principles despite the conservative backlash.

“Corporate America wants to walk away from Black communities, so we are marching to them to bring this fight to their doorstep,” Sharpton said in a statement ahead of Thursday’s march.

The march is expected to start around 10 a.m. in Foley Square, located in downtown Manhattan near the African Burial Ground that’s the largest known resting place of enslaved and freed Africans in the country.

The square is also near 26 Federal Plaza, the federal government building that’s become a symbol of Trump’s nationwide immigration crackdown.

U.S. Immigration and Customs Enforcement agents have been detaining migrants during their routine appearances at the immigration court located there. A federal judge earlier this month also ordered the Trump administration to improve conditions for migrants jailed there.

Marchers are expected to make their way past Wall Street’s famous Charging Bull statue before the event ends with a speaking program.

New York City mayoral candidates, including incumbent Mayor Eric Adams, state Assembly Member Zohran Mamdani, and former Gov. Andrew Cuomo, are among those expected to join the demonstration.