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U.S. jobless claim applications fell to their lowest level in two months last week as layoffs remain low despite mounting evidence of a softening labor market.

The number of Americans filing for unemployment benefits for the week ending Sept. 20 fell by 14,000 to 218,000, the Labor Department reported Thursday. Analysts surveyed by the data firm FactSet had forecast 235,000 new applications.

Though layoffs remain historically low, recent government data has raised concerns about the health of the American labor market, leading the Federal Reserve to cut its key interest rate by a quarter-point last week.

The rate cut is a sign that the central bank’s focus has shifted quickly from

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