Applications for US unemployment aid remain at 43-year low


Boston Herald | By Associated Press
October 13, 2016

WASHINGTON — The number of Americans seeking unemployment benefits stayed at a 43-year low last week in the latest sign that layoffs are scarce.

THE NUMBERS: Weekly applications for unemployment benefits were unchanged at a seasonally adjusted 246,000, the Labor Department said Thursday. The four-week average, a less volatile measure, fell 3,500 to 249,250.

Both figures were at their lowest levels since November 1973.

The number of people receiving aid fell 16,000 to just over 2 million. That is the fewest since June 2000.

THE TAKEAWAY: Applications are a proxy for layoffs, so the figures indicate that companies are cutting very few jobs. With the unemployment rate down to 5 percent, from 10 percent in October 2009, some businesses say they are having trouble finding qualified workers. That suggests they are less likely to lay anyone off.

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