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Applications for US unemployment aid slip to 298K

Published on NewsOK Modified: August 28, 2014 at 8:18 am •  Published: August 28, 2014
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WASHINGTON (AP) — The number of Americans seeking unemployment benefits slipped 1,000 last week to a seasonally adjusted 298,000, a low level that signals employers are cutting few jobs and hiring is likely to remain strong.

The four-week average, a less volatile measure, dropped to 299,750, the Labor Department said Thursday. That's just 6,000 higher than four weeks ago, when the average fell to the lowest level in more than eight years.

"The downward trend ... is now clear and strong," said Ian Shepherdson, an economist at Pantheon Macroeconomics. Shepherdson forecasts that employers added 250,000 jobs this month.

Applications are a proxy for layoffs. When employers hold onto their workers, it suggests they are more confident in the economy and could step up hiring.

The applications data is the latest sign that the job market is steadily healing. Employers have added an average of 230,000 jobs a month this year, up from an average of 195,000 in 2013. Average job gains since February have been the best in eight years.

The unemployment rate ticked up to 6.2 percent in July from 6.1 percent in June. But that was because more Americans began looking for work. Most didn't immediately find jobs, but the rising number of job seekers suggests that people are growing more confident about their prospects.

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