Friday, January 30th0.4°C
24624
23931

Applications for US unemployment benefits rose to 312,000 last week; still close to 7-year low

WASHINGTON - Slightly more Americans sought unemployment benefits last week, but claims for jobless aid continue to be anchored near seven-year lows.

The Labor Department said Thursday that weekly applications for unemployment benefits rose 8,000 to a seasonally adjusted 312,000. The four-week average, a less volatile measure, fell to 310,250. That's the lowest average since June 2007.

Applications are a proxy for layoffs, so the running average suggests employers are letting go of fewer workers. When businesses are confident enough to hold onto staff, they may also step up hiring. That is a positive sign ahead of May's jobs report to be released Friday.

Fewer Americans are also receiving benefits. The number of recipients declined to 2.6 million, the lowest level since October 2007.

The decline in applications since the start of the year has been accompanied by solid job growth, despite an economy that struggled to grow during the winter.

The economy shrank at an annual rate of 1 per cent during the first three months of 2014, primarily because freezing winter weather slowed factory output and consumer spending.

Still, the pace of hiring was steady and has accelerated this spring.

Employers added 288,000 jobs in April, the most in 2 1/2 years, and the unemployment rate dropped to 6.3 per cent from 6.7 per cent. But that steep decline mostly occurred because fewer people than usual began looking for work. The government doesn't count people as unemployed unless they are actively searching.

In the first four months of this year, employers have added an average of 214,000 jobs a month, up from 194,000 last year.

The government issues its May jobs report on Friday. Economists expect 220,000 jobs were created in May, according to a FactSet survey. But payroll processer ADP said Wednesday that private employers pulled back on hiring in May, adding just 179,000 jobs.

Improved hiring should help boost economic growth for the rest of 2014. More jobs mean more people have paychecks to spend.

The Canadian Press


Read more Business News

23967


Recent Trending




Today's Market
S&P TSX14637.28+34.40
S&P CDNX667.11-0.19
DJIA17416.85+225.48
Nasdaq4683.407+45.413
S&P 5002021.25+19.09
CDN Dollar0.7901-0.0022
Gold1286.60-5.10
Oil46.60+0.24
Lumber325.10+3.30
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.07
Cantex0.04+0.005
Anavex Life Sciences0.18-0.002
Metalex Ventures0.04+0.005
Russel Metals23.58-0.12
Copper Mountain Mining0.98-0.02
Colorado Resources0.15+0.005
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.05+0.02
Mission Ready Services0.235+0.025

 



24909

FEATURED Property
21593551100 Westpoint Drive
10091546 bedrooms
$309,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_








Member of BC Press Council


24697