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Finance

APPLICATIONS FOR US JOBLESS AID CLIMB TO 290,000

Published by Gbaf News

Posted on November 14, 2014

Featured image for article about Finance

JOSH BOAK, AP Economics Writer

WASHINGTON (AP) — More people sought U.S. unemployment benefits last week, but the increase wasn’t sharp enough to disrupt the job market’s positive momentum.

The Labor Department says weekly applications rose 12,000 to a seasonally adjusted 290,000. The four-week average, a less volatile measure, increased 6,000 to 285,000, up slightly from what had the lowest average in more than 14 years.

Applications are a proxy for layoffs. The four-week average has plunged 17.2 percent in the past year, a sign that businesses feel more confident about their prospects, are holding onto workers and potentially looking to amplify hiring.

Declining layoffs have been matched by a substantial increase in hiring. Employers added 214,000 jobs last month as the unemployment rate slid to 5.8 percent from 5.9 percent, the Labor Department said last week.