Washington, Jun 26 (AP) The number of Americans applying for unemployment benefits fell last week, the Labour Department said Thursday, a sign that companies aren’t cutting many jobs. Jobless claims dropped 10,000 to 236,000, a historically-low level. The four-week average of claims, which smooths out weekly volatility, dipped 750 to 245,000. Also Read | Shubhanshu Shukla Creates History, Becomes First Indian To Reach International Space Station As NASA-Axiom Mission 4 Docks Successfully (Watch Video). Applications for unemployment aid are a proxy for layoffs, and so the decline is evidence that businesses are mostly holding onto their employees. Yet separate data suggests hiring also remains cool, in what economists are referring to as a 鈥渘o hire, no fire鈥 job market. The unemployment rate remains low, though there are signs that the economy is slowing. So far this year, employers have added a solid but unspectacular 124,000 jobs a month, down from an average 168,000 last year. Also Read | Axiom Mission 4 Docking: SpaceX Dragon ‘Grace’ Carrying Astronaut Shubhanshu Shukla Docks at International Space Station; To Become First Indian To Reach Orbiting Lab (Watch Video). Most of the hiring has been concentrated in a few industries, specifically health care, restaurants and hotels, and government. Layoffs have mostly remained low, but hiring has also been weak. With many businesses reluctant to create new jobs, recent college graduates are facing the toughest job market in more than a decade. The unemployment rate for grads aged 22 to 27 is now higher than the overall jobless rate, and the gap between the two is the widest it has been in more than 30 years. (AP) (This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)