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US Applications for Jobless Benefits Drop to 336k

Updated: 02/20/2014 10:18 AM
Created: 02/20/2014 10:16 AM WDIO.com

WASHINGTON (AP) - The number of people seeking U.S. unemployment benefits fell a slight 3,000 last week to a seasonally adjusted 336,000, a sign that layoffs remain low.

The Labor Department says the four-week average of applications, a less volatile measure, rose slightly to a seasonally adjusted 338,500.

The average is roughly in line with pre-recession levels and indicates that companies are cutting few jobs. Applications are a rough proxy for layoffs.

The number of applicants has stabilized in recent weeks despite modest levels of hiring in January and February. This indicates that employers don't expect a major slowdown in economic growth.

A total of 3.53 million Americans received benefits as of Feb. 1 - the latest period for which figures are available - up from 3.52 million the previous week.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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