×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: jobless claims | labor market | unemployment | economy

Applications for Unemployment Aid Tick Higher to 254,000

Applications for Unemployment Aid Tick Higher to 254,000

(Dollar Photo Club)

Thursday, 29 September 2016 08:58 AM EDT

 

More Americans sought unemployment benefits last week but the number of applications remained low, the latest sign that layoffs are scarce.

THE NUMBERS: The Labor Department said Thursday that weekly applications for jobless aid rose 3,000 to a seasonally adjusted 254,000. The four-week average, a less volatile measure, ticked down to 256,000, matching a 43-year low first reached in April.

The number of people receiving aid dropped 46,000 to 2.1 million, the smallest number since July, 2000. Even in a healthy economy some people lose jobs as companies restructure.

THE TAKEAWAY: The economy is expanding, though at a sluggish pace, growing just 1.4 percent in the April-June quarter, according to a separate government report Thursday.

But businesses are hiring steadily and holding tightly to their staffs. With the unemployment rate low at 4.9 percent, many employers say they can't find qualified workers for open positions. That makes them reluctant to cut jobs.

Applications are a proxy for layoffs. Any figure below 300,000 is a sign of a healthy job market.

Applications have been below that level for 82 weeks, the longest such streak since 1970.

KEY DRIVERS: Employers added 151,000 jobs in August, after two big gains in June and July. Still, the pace of gains has slowed this year from 2014 and 2015.

Economists largely expected the deceleration, which typically occurs as the unemployment rate falls and fewer people are available to take available jobs.

Still, consumers are more confident and spending more, providing a foundation for modestly faster growth later this year. Consumer confidence last month reached its highest point since the recession, according to the Conference Board.

© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Economy
The number of Americans filing for unemployment benefits rose less than expected last week and held at relatively healthy levels that could support Federal Reserve plans to raise interest rates this year.
jobless claims, labor market, unemployment, economy
270
2016-58-29
Thursday, 29 September 2016 08:58 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved