Jobless aid applications fall to 6-week low
WASHINGTON — The Associated Press is reporting that the number of people seeking unemployment aid last week feel to its lowest level since May 19. This could mean layoffs are decreasing while hiring is increasing.
The weekly unemployment benefit application rate has dropped to 374,000 and the four-week average has dipped to 385,750. The Associated Press reported that the critical benchmark for this figure is 375,000. That is the number that “generally suggests hiring is strong enough to reduce the unemployment rate.”
That said, the Associated Press didn’t completely shower its readers with good news. Employers added an average of 73,000 jobs in April and May, which is lower than the average of 226,000 positions added in January-March.
The government will release the June jobs reports Friday. The Associated Press reported that FactSet has predicted the unemployment rate will remain at 8.2 percent in June.