US applications for jobless aid reach 3-month low

WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits dropped 26,000 last week to a seasonally adjusted 323,000, the lowest level in three months as layoffs remain at pre-recession levels.

The Labor Department said today that the four-week average of applications, a less volatile measure, fell slightly to a seasonally adjusted 336,500.

That average indicates that companies are cutting few jobs and anticipate steady economic growth despite the winter slowdown. Applications are a rough proxy for layoffs.

A total of 3.4 million Americans received unemployment benefits as of Feb. 15 — the latest period for which figures are available — down from 3.49 million the previous week.

On Friday, the Labor Department will release its February jobs report after what has been a sluggish winter for the economy.