The number of people who applied for unemployment benefits last week fell to a six-week low, underscoring the reluctance of businesses to lay off workers even amid the tumult of ongoing trade wars.

The Labor Department reported Thursday that jobless claims for the week ending June 28 fell by 4,000 to 233,000, less than the 241,000 that analysts forecast. Applications for unemployment aid are considered a proxy for layoffs.

The elevated continuing claims have left several economists to expect that the unemployment rate rose to 4.3% in June from 4.2% in May. A survey from the Conference Board this week showed the share of consumers who viewed jobs as being "plentiful" dropped to the lowest level in more than four years in June.