Applications for US jobless aid fall to 7-week low

SHARE Applications for US jobless aid fall to 7-week low

WASHINGTON — The number of Americans applying for unemployment benefits has reached its lowest level in seven weeks, a sign that the U.S. economy and job market are steadily improving.

The Labor Department said Wednesday that applications for unemployment benefits dropped 9,000 last week to a seasonally adjusted 280,000.

The four-week average, a less volatile measure, declined 8,500 to 290,250. That average has plunged 16 percent in the past 12 months.

Applications are a proxy for layoffs. The number of people seeking jobless benefits has been at historically low levels — below 300,000 — for 14 of the past 15 weeks. That indicates that companies are retaining their workers and potentially looking to hire with the expectation that economic growth will continue.

As applications for benefits have steadily dwindled, hiring has improved. Employers added 321,000 jobs in November, the most in nearly three years. The unemployment rate held steady at 5.8 percent, down sharply from 7 percent 12 months earlier.

In the first 11 months of this year, employers have added 2.65 million jobs. That already makes 2014 the best year for hiring since 1999.

But wage growth remains sluggish. Average pay has risen just 2.1 percent over the past 12 months, only slightly better than inflation.

BY JOSH BOAK, AP Economics Writer

The Latest
Despite getting into foul trouble, which limited him to just six minutes in the second half, Shannon finished with 29 points, five rebounds and two assists.
Cowboy hats, bell-bottoms and boots were on full display Thursday night as fans lined up for the first of his three sold-out shows.
The incident occurred about 3:40 p.m. near Minooka. The horse was successfully placed back into the trailer, and the highway reopened about 40 minutes later. No injuries were reported.
The Hawks conceded the game’s only two goals within the first seven minutes and were shut out for the 12th time this season in a 2-0 defeat Thursday.