Posted: Oct 11, 2012 9:04 AM by Associated Press
WASHINGTON (AP) - The number of Americans seeking unemployment aid plummeted to 339,000 last week, the lowest level in more than four years. The sharp drop offered a hopeful sign that the job market could pick up.
The Labor Department says weekly applications fell by 30,000 to the lowest level since February 2008. The four-week average, a less volatile measure, dropped by 11,500 to 364,000, a six-month low.
Applications are a proxy for layoffs. When they consistently drop below 375,000, it suggests that hiring is strong enough to lower the unemployment rate.
The decline adds to other evidence that hiring is improving. Last week's jobs report showed the unemployment rate fell to 7.8 percent, the first time it has fallen below 8 percent since January 2009.
Stocks opened higher after the better-than-expected job numbers.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties