The number of Americans applying for jobless benefits fell to its lowest level in 5 weeks, even as more high-profile companies announce layoffs.  Applications for unemployment benefits fell by 12K to 201K last week, the Labor Dept reported.  The 4-week average of claims, a less volatile measure, fell by 3K to 215K, down from 218K the previous week.  Weekly unemployment claims are broadly viewed as representative of the number of US layoffs in a given week.  They have remained at historically low levels in recent years, despite efforts by the Federal Reserve to cool the economy.  The Federal Reserve raised its benchmark borrowing rate 11 times beginning in Mar of 2022 in an effort to bring down the 4-decade high inflation that took hold after the economy roared back from the COVID-19 recession of 2020.  Many economists expected the rapid rate hikes to weaken the labor market & potentially tip the country into recession, but it hasn't happened.  Jobs have remained plentiful & the economy has held up better than forecast thanks to strong consumer spending.  Though layoffs remain at low levels, there has been an uptick in job cuts recently across technology & media.  In total, 1.86M Americans were collecting jobless benefits during the latest week, a decrease of 27K from the previous week.