Unemployment Applications Down Sharply
It’s the largest drop in a year, hopefully a sign that the job market is coming back.
The Labor Department said Thursday that weekly unemployment aid applications fell 27,000 last week to a seasonally adjusted 365,000. The four-week average, a less volatile measure, ticked up to 383,500 last week.
Applications are a measure of the pace of layoffs. When they fall below 375,000, it generally suggests that hiring will be strong enough to lower the unemployment rate.