WASHINGTON (AP) – Fewer Americans applied for unemployment benefits last week, another sign the U.S. job market remains healthy despite a downshift in hiring last month.
THE NUMBERS: The Labor Department said Thursday that the number of applications for jobless aid slid by 4,000 last week to a seasonally adjusted 259,000, lowest since mid-July. Weekly claims have come in below 300,000 for 79 straight weeks, longest streak since 1970. The less volatile four-week average slipped by 1,750 last week to 261,250.
The number of people collecting unemployment checks has fallen more than 5 percent from a year ago to 2.14 million.
THE TAKEAWAY: Unemployment claims are a proxy for layoffs. The low level of applications suggests that companies are hanging on to staff and that job security remains solid for most U.S. workers.
KEY DRIVERS: The job market has stayed healthy even though economic growth has stalled since late last year.