Applications for US unemployment benefits fall sharply

Source: AP-Excite

By CHRISTOPHER S. RUGABER

WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits fell sharply last week, a sign that strong hiring will likely continue.

Weekly applications for unemployment aid dropped 36,000 to a seasonally adjusted 289,000, the Labor Department said Thursday. The drop nearly reversed a large increase from last month, which likely occurred because of cold weather and snowstorms.

The four-week average, a less volatile measure, fell 3,750 to 302,250. The average has dropped nearly 9 percent in the past year.

Applications are a proxy for layoffs. The decline indicates companies are confident enough to hold onto their staffs and hire more workers.

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In this Jan. 29, 2015 photo, people fill out applications during a public safety job fair at City Hall in Saginaw, Mich. The U.S. Labor Department reports on the number of people who applied for unemployment benefits the week ending March 7, on Thursday, March 12, 2015. (AP Photo/The Saginaw News, David C. Bristow)

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