WASHINGTON (AP) — The number of people seeking U.S. unemployment aid fell to a four-year low last week, bolstering the view that the job market is strengthening.
The Labor Department said today that weekly applications dropped 5,000 to a seasonally adjusted 348,000. That’s the lowest level since March 2008, just months into the Great Recession. The fourweek average of applications, a less volatile measure, dipped to 355,000, matching a four-year low.
Applications have steadily declined since last fall. The drop has coincided with the best three months of hiring in two years. From December through February, employers added an average of 245,000 jobs per month. That’s pushed down the unemployment rate to 8.3 percent, the lowest in three years.
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