Applications for US jobless aid hold at 245,000

FILE - This Thursday, Sept. 29, 2016, file photo, shows the Illinois Department of Employment Security office in Springfield, Ill. On Thursday, Dec. 28, 2017, the Labor Department reports on the number of people who applied for unemployment benefits the week before. (AP Photo/Seth Perlman, File)

WASHINGTON — The number of unemployed workers filing for jobless benefits remained the same from the previous week at 245,000, a low level signaling a healthy job market.

The four-week moving average, a less volatile measure, climbed 1,750 to 237,750, the Labor Department said Thursday.

Applications are essentially a proxy for layoffs, and any reading below 300,000 is considered low in a historical context. Many employers are finding it difficult to fill their open jobs, so they are motivated to retain their existing work force.

Overall, about 1.94 million people are receiving jobless benefits, an increase of 7,000 from the previous week. Last year at this time, about 2.1 million Americans were receiving jobless benefits.

Steady economic growth is encouraging more hiring. The unemployment rate is at a 17-year low of 4.1 percent.

Claims continue to be disrupted in the Virgin Islands and data gathering in Puerto Rico still has not returned to normal, the government said.

The Federal Reserve and many economists believe the unemployment rate could soon fall below 4 percent for the first time since 2000.

Similar News

Indonesia urged to take stern action on illegal bird trade

Aug 11, 2016

A wildlife trade monitoring group has called on Indonesia to take strong action against traders of endangered birds who are driving several species toward extinction

Ali tribute book to be released by Jeter imprint

Aug 11, 2016

A very great athlete will help pay tribute to "The Greatest": Derek Jeter's publishing imprint is set to release "Muhammad Ali Unfiltered." Publication is scheduled for October

Shares of Alibaba jump on strong 1Q results

Aug 11, 2016

Shares of Alibaba jumped on Thursday as the Chinese e-commerce powerhouse added shoppers and mobile revenue surged

Broaden