Jobless-aid applications fall to 297K

Associated Press

WASHINGTON

The number of people seeking U.S. unemployment benefits slipped below 300,000 last week, after having spiked above that level in the prior week for the first time in nearly three months.

Weekly applications fell 17,000 to a seasonally adjusted 297,000, the Labor Department said Thursday. The four-week average, a less volatile measure, rose 4,750 to 299,000.

Applications are a proxy for layoffs. As fewer people seek unemployment benefits, it suggests that employers are holding onto more workers and potentially looking to bolster their hiring.

Applications have been under 300,000 for 11 of the past 12 weeks, an unusually low level that suggests employers are anticipating stronger economic growth. The four-week average for jobless claims has plummeted 9 percent over the past 12 months.