Jobless claims drop for third straight week
Fewer Americans applied for jobless aid last week, the third straight drop in a sign that the job market remains healthy despite a recent slowdown in hiring.
Weekly applications for unemployment aid dipped 1,000 to a seasonally adjusted 267,000, the Labor Department said Thursday. The four-week average, a less volatile measure, fell to 276,750.
Applications are a proxy for layoffs, so the decline in jobless aid suggests that companies are confident enough to hold onto their workers. When layoffs are low, hiring is usually steady.
Employers added 160,000 jobs in April, a slowdown from prior monthly job growth that averaged more than 200,000. Economists say that the government jobs report being released Friday will show job growth in May at roughly the same pace as in April.