WASHINGTON (AP) – More people sought U.S. unemployment benefits last week, yet total applications remained at a historically low level that suggests workers are enjoying solid job security.
THE NUMBERS: Weekly applications for unemployment benefits rose 10,000 to a seasonally adjusted 244,000, the Labor Department said Thursday. The four-week average, a less volatile measure, fell to 243,000.
The number of Americans seeking benefits dropped 49,000 to 1.98 million, the fewest since April 2000. That figure has declined 7.7 percent in the past year.
THE TAKEAWAY: Applications are a proxy for layoffs. They have been below the 300,000 benchmark for 111 weeks. That’s the longest such streak since 1970.
The data adds to evidence that the job market is healthy, even as the economy is growing at a sluggish pace. Employers added an average of about 175,000 jobs a month from January through March. The unemployment rate has fallen to 4.5 percent, the lowest in nearly a decade.