Advertisement

Applications for U.S. jobless aid drop to very low 271,000

Fewer people sought U.S. unemployment benefits last week, evidence that employers remain confident in the economy and are laying off few workers.

The Labor Department said Thursday that weekly applications for unemployment aid dropped by 6,000 to a seasonally adjusted 271,000. The four-week average, a less volatile measure, ticked up by 1,000 to 272,500.

Advertisement

Applications are a proxy for layoffs and are at historically low levels, suggesting businesses are holding on to their staffs. Earlier this month, the four-week average stood at 266,000, the lowest since April 15, 2000.

The applications data will likely be closely watched in the coming weeks for any sign that companies are cutting jobs in the wake of the last week's stock market volatility and global economic turmoil. For now, the data suggest hiring has remained solid this month.

Advertisement
Advertisement