Unemployment applications fall to 14-year low

The number of people seeking U.S. unemployment aid dropped to the lowest level in 14 years last week, the latest signal that companies are cutting few workers and hiring could remain healthy.

The Labor Department says weekly applications for unemployment aid fell 23,000 to a seasonally adjusted 264,000, the lowest level since April 2000. Given that the U.S. population has grown considerably since then, the proportion of the U.S. workforce applying for benefits is even smaller. Applications are a proxy for layoffs.

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