Applications for US jobless aid fell to low level of 234,000
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WASHINGTON — The number of Americans seeking unemployment benefits dropped sharply last week, a sign that layoffs are rare and the job market is strong.
The Labor Department says weekly applications for jobless aid fell 19,000 to 234,000, a low level that indicates businesses are holding onto their employees. Applications are a proxy for layoffs. The four-week average, a less volatile figure, rose to 224,750.
Businesses are hiring at a healthy pace that has surprised economists, who expected job gains would slow as the number of unemployed dwindled. The jobless rate stood at just 4 per cent last month, when employers added 304,000 jobs, the most in nearly a year. With labour scarce, many companies are reluctant to let workers go, likely because they fear it will be hard to replace them.
