Fewer Americans filing for unemployment benefits
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WASHINGTON — Fewer people sought U.S. unemployment benefits last week, evidence that strong hiring should continue despite signs of slower economic growth at the start of 2015.
The Labor Department says weekly applications for jobless aid fell 9,000 to a seasonally adjusted 282,000. The decrease suggests that a recent slowdown in manufacturing, housing starts and retail sales have not trickled into the job market, a possible indication that economic growth will rebound after a harsh winter.
The four-week average, a less volatile measure, tumbled 7,750 to 297,000. Over the past 12 months, the average has dipped roughly 7 percent.
Applications are a proxy for layoffs. The relatively low average shows that employers are holding onto workers and may increase hiring. Applications below 300,000 are generally consistent with solid monthly job gains.
JOSH BOAK, AP Economics Writer