Fewer people sought unemployment aid last week

WASHINGTON (AP) — Fewer people applied for unemployment benefits last week, resuming a downward trend that signals stronger job growth ahead.

Applications for unemployment benefits fell to a seasonally adjusted 403,000 in the week ending April 16, the Labor Department said today. The decline partially reversed a jump in applications from the previous week, which economists said was largely the result of a seasonal quirk.

The four-week average rose for the second straight week to 399,000. Still, the broader trend in unemployment applications suggests employers are stepping up hiring.

"The pace of layoffs has slowed over the past 6 months and hiring is picking up," Steven Wood, chief economist at Insight Economics, said in a note to clients. Wood noted that applications have averaged 396,000 over the past 11 weeks, much lower than last year's average of 459,000.