The number of Americans filing for unemployment benefits fell last week, but the total number of those collecting benefits rose to its highest level in almost three years.

The Labor Department reported Thursday that applications for jobless claims fell by by 15,000 to 227,000 for the week of Oct. 19. That's less than the 241,000 analysts forecast.

Continuing claims, the total number of Americans collecting jobless benefits, rose by 28,000 to 1.9 million for the week of Oct. 12. That's the most since November 13, 2021.

Applications for jobless benefits are considered a proxy for U.S. layoffs.

The four-week average of claims, which softens some of the weekly volatility, rose by 2,000 to 238,500.