US applications for jobless benefits drop

The US Labor Department says the four-week average of applications for jobless benefits rose slightly last week to a seasonally adjusted 338,500.

The number of people seeking US unemployment benefits fell a slight 3,000 last week to a seasonally adjusted 336,000, a sign that layoffs remain low.

The Labor Department says the four-week average of applications, a less volatile measure, rose slightly to a seasonally adjusted 338,500.

The average is roughly in line with pre-recession levels and indicates that companies are cutting few jobs.

Applications are a rough proxy for layoffs.

The number of applicants has stabilised in recent weeks despite modest levels of hiring in January and February.

This indicates that employers don't expect a major slowdown in economic growth.

A total of 3.53 million Americans received benefits as of February 1 - the latest period for which figures are available - up from 3.52 million the previous week.


1 min read

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Source: AAP


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