US unemployment aid applications drop by 23,000 to 340,000, sign of improvement in job market
WASHINGTON – The number of Americans applying for unemployment benefits fell by 23,000 last week, further evidence that the job market is slowly returning to health.
The Labor Department says applications declined to a seasonally adjusted 340,000, down from 363,000 the previous week.
The less volatile four-week average ticked down 500 to 339,500. That’s close to the five-year low of 338,000 registered the first week of May. The four-week average is 9 per cent lower than in November.
Unemployment claims are a proxy for layoff. The decline in claims has coincided with steady job growth. Since November, employers have added an average 208,000 jobs a month, up from 138,000 the previous six months.
Still, much of the improvement has come from fewer layoffs, not hiring.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.