Unemployment aid applications near a 4-year low, applications fell to 358k, below 370k expected.
Unemployment aid applications near a 4-year low
By CHRISTOPHER S. RUGABER, AP Economics Writer – 27 minutes ago
WASHINGTON (AP) — The number of people seeking unemployment aid neared a four-year low last week, an encouraging sign that strong hiring could continue in the coming months.
The Labor Department said Thursday that weekly applications for unemployment benefits fell 15,000 to a seasonally adjusted 358,000. That's the second-lowest level since April 2008.
The four-week average, a less volatile measure, fell to 366,250, the lowest since late April 2008. When applications fall consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.
A consistent decline in applications has coincided with the best job growth since last spring.
Employers added a net gain of 243,000 jobs in January, far more than economists had projected. That was the biggest gain in nine months. The unemployment rate fell for the fifth straight month to 8.3 percent.
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