Fewest Americans In Four Years Seek Jobless Help
Adjusted for the season, 339,000 Americans sought jobless benefits last week, the lowest level since February 2008.
Unemployment benefit applications are a proxy for layoffs. When they consistently drop below 375,000, it suggests that hiring is strong enough to lower the unemployment rate.
Some economists said they want to see more data before suggesting the job market is turning around.
“Should this level hold for another week, it would flag a meaningful improvement in October” hiring, said Sal Guatieri, senior economist at BMO Capital Markets, in a note to clients.