WASHINGTON (AP) – Fewer Americans sought unemployment benefits last week, which is evidence of a stable job market and greater security for workers.
THE NUMBERS: Weekly applications for jobless aid dipped 1,000 to a seasonally adjusted 234,000, the Labor Department said Thursday. Requests for benefits in the prior week were revised up 1,000 to 235,000. The four-week average, a less volatile measure, fell to 247,250 from 250,250.
Over the past year, the number of people collecting unemployment benefits has fallen 6.9 percent to 2 million.
THE TAKEAWAY: Applications are a proxy for layoffs. They have stayed below 300,000, a level linked with broader job growth, for 110 weeks. That’s the longest period at such a low level since 1970, when the U.S. population was much smaller.
By holding onto workers, employers are also more likely to expect the economy to grow and potentially hire.