Uh Oh: Jobless Benefit Claims Rise
The number of Americans applying for unemployment benefits for the first time increased by 4,000 last week to a seasonally adjusted 372,000, the Labor Department said Thursday. It is the second straight week that new claims for jobless benefits have risen, although they are lower than they were five weeks ago.
Applications for unemployment benefits measures the pace of layoffs. Economists suggests that when they fall consistently below 375,000, it implies that hiring is strong enough to lower the jobless rate.
The increase in unemployment benefit claims underscores the fact that the job market is yet to recover fully, although the numbers suggest that hiring may be improving this month, The New York Times reported.