WASHINGTON (AP) — The number of Americans seeking unemployment benefits remained near the lowest level in more than five years last week, a sign that companies are cutting few jobs.
First-time applications for benefits fell 6,000 to a seasonally adjusted 331,000, the Labor Department said today. The four-week average, a less-volatile measure, inched up 750 to 331,250 after falling to its lowest level since November 2007 the previous week.
Applications for unemployment benefits reflect layoffs. At the depths of the recession in March 2009, they numbered 670,000. The average has fallen 10 percent this year.
All told, nearly 4.5 million people received unemployment benefits in the week that ended Aug. 10, the latest period for which figures are available. That's about 30,000 more than in the previous week.
Though employers are cutting few jobs, most have yet to start hiring aggressively. Fewer layoffs can increase net job gains, even if hiring doesn't rise much.
Employers have added an average of 192,000 jobs a month since January. That's enough to gradually lower the unemployment rate, which fell to 7.4 percent in July.