WASHINGTON – The number of people applying for U.S. unemployment benefits rose last week after falling to a 14-year low the previous week. Despite the increase, weekly applications remain at historically low levels that suggest hiring is gaining steam.
Continue Reading Below
The Labor Department says applications rose 17,000 last week to a seasonally adjusted 283,000. That is the sixth straight week below 300,000. Applications have fallen 19 percent in the past year.
The four-week average, a less volatile measure, declined 3,000 to 281,000, the lowest in 14 years. As a percentage of the working population, applications are near their lowest levels since the early 1970s.
Applications are a proxy for layoffs. Their unusually low level suggests that employers are confident enough to hold onto workers and may step up hiring.