|
US
jobless
aid
applications
fall to
14-year
low
Applications
for US
unemployment
benefits
plummet
to
14-year
low of
264,000
By
Christopher
S.
Rugaber,
Associated
Press
WASHINGTON
- The
number
of
people
seeking
U.S.
unemployment
aid
dropped
to the
lowest
level in
14 years
last
week,
the
latest
sign of
a
strengthening
labor
market
that
could
help
blunt
worries
about
the
impact
of weak
global
growth.
The
Labor
Department
said
Thursday
that
weekly
applications
for
unemployment
aid fell
23,000
to a
seasonally
adjusted
264,000,
the
lowest
level
since
April
2000.
Given
that the
U.S.
population
has
grown
considerably
since
then,
the
proportion
of the
U.S.
workforce
applying
for
benefits
is even
smaller.
Applications
are a
proxy
for
layoffs.
Analysts
cheered
the
unexpectedly
strong
data.
Ian
Shepherdson,
chief
economist
at
Pantheon
Macroeconomics,
described
the
report
as
"spectacular"
and
"astonishing."
"Whether
claims
can be
sustained
at such
a low
level -
an
all-time
low, as
a share
of
payroll
employment
- is
debatable...
but this
is a
clear
signal
of real
strength
in the
labor
market,"
he said
in a
note to
clients.
The
figures
come as
concerns
about
slowing
global
economic
growth
have
roiled
financial
markets
for the
past
week. A
drop in
U.S.
retail
sales,
reported
Wednesday,
intensified
the
volatility.
The Dow
plunged
460
points
early
Wednesday
before
recovering,
but
still
closed
down 173
points.
Stocks
continued
falling
Thursday,
despite
the
improving
data.
The Dow
was down
108
points
in
morning
trading.
The
four-week
average
of
applications,
a less
volatile
measure,
dropped
4,250 to
283,500,
the
lowest
level
since
June
2000.
Consumers
have
remained
cautious
about
spending
even as
employers
have
stepped
up
hiring.
Retail
sales
fell 0.3
percent
in
September,
the
Commerce
Department
said
Wednesday.
Still,
employers
added
248,000
jobs
last
month
and
hiring
in the
previous
two
months
was
healthier
than
previously
believed,
the
government
said
earlier
this
month.
That
helped
push
down the
unemployment
rate
down to
5.9
percent,
a
six-year
low.
The
economy
has
added
2.64
million
jobs in
the past
12
months,
the best
annual
showing
since
April
2006.
The
number
of
available
jobs
soared
to a
13-year
high in
August,
according
to a
separate
government
report.
That
suggests
employers
will
keep
adding
jobs at
a
healthy
clip in
the
coming
months.
Yet
companies
have
been
wary
about
filling
positions,
frustrating
many
job-seekers.
Some
employers
say they
can't
find
workers
with the
right
skills.
Many
economists,
however,
say that
firms
may not
be
offering
high
enough
pay to
attract
qualified
applicants.
Despite
the
improved
hiring,
the job
market
remains
scarred
from the
recession.
More
than 7
million
people
hold
part-time
jobs but
want
full-time
work, up
from 4.6
million
before
the
downturn.
And
there
are
still
twice as
many
people
unemployed
for
longer
than six
months
as there
were
before
the
recession,
even
though
that
figure
has
steadily
declined
in the
past
three
years
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