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Fewer Americans apply for dole
Source: Agencies |
November 18, 2011, Friday
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Print Edition
Print Edition
THE number of Americans applying for unemployment benefits fell last week to the lowest level since early April, a sign that layoffs are easing and hiring may pick up.
Weekly applications fell by 5,000 to a seasonally adjusted 388,000, the US Labor Department said yesterday. It was the fourth decline in five weeks.
The four-week average, a less volatile measure, slid to 396,750. That's the first time the average has been below 400,000 in seven months.
Applications need to consistently drop below 375,000 to signal sustained job gains. They haven't been that low since February.
The job market "is still weak but there are hopeful signs of some modest improvement," Steven Wood, an economist at Insight Economics, said in a note to clients.
The number of people receiving benefits also fell to the lowest level since September 2008 when Lehman Brothers collapsed and the financial crisis intensified.
Some people may no longer be getting benefits because they've found jobs. But a larger number have likely used up all their benefits, Wood said.
Weekly applications fell by 5,000 to a seasonally adjusted 388,000, the US Labor Department said yesterday. It was the fourth decline in five weeks.
The four-week average, a less volatile measure, slid to 396,750. That's the first time the average has been below 400,000 in seven months.
Applications need to consistently drop below 375,000 to signal sustained job gains. They haven't been that low since February.
The job market "is still weak but there are hopeful signs of some modest improvement," Steven Wood, an economist at Insight Economics, said in a note to clients.
The number of people receiving benefits also fell to the lowest level since September 2008 when Lehman Brothers collapsed and the financial crisis intensified.
Some people may no longer be getting benefits because they've found jobs. But a larger number have likely used up all their benefits, Wood said.
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