WASHINGTON (AP) — The number of people seeking unemployment benefits fell by 27,000 last week, an indication that hiring could improve.
The Labor Department said Thursday that weekly applications dropped to a seasonally adjusted 341,000, the lowest level in three weeks. The four-week average, a less volatile measure, ticked up to 352,500 from a five-year low of 351,000 the previous week.
Applications have declined slowly but steadily in recent months. The four-week average has fallen 5 percent since November. Applications are a proxy for layoffs. As they fall, net hiring typically rises.
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