Fall in benefits applications hints at improving job market
2/3/2012WASHINGTON — The number of people seeking jobless benefits fell last week to a level that signaled a steadily improving job market. The figures came one day before the government is expected to report that January marked another solid month for hiring.
Unemployment applications fell 12,000 to a seasonally adjusted 367,000, the Labor Department said Thursday. The four-week average, a less-volatile measure, dropped for the third-straight week to 375,750.
That’s the second-lowest level for the four-week average since June, 2008. When applications stay consistently below 375,000, it usually signals that hiring is strong enough to lower the jobless rate.