U.S. Unemployment Claims Fall to 12-week Low

The number of Americans seeking unemployment benefits dipped to a 12-week low at the start of February, a sign of a stable job market for U.S. workers.

The Labor Department says claims for jobless aid fell 12,000 last week to a seasonally adjusted 234,000, the best reading since this past November. The less-volatile four-week average decline 3,750 to 244,250, which was the lowest average since November 1973.

Fewer Americans are seeking and collecting jobless benefits. The number of people receiving benefits has fallen 7 percent over the past 12 months to 2.08 million.

Jobless claims are a proxy for layoffs. The low levels suggest that employers are confident enough in the economy to retain their workers and possibly looking to hire. Employers added 227,000 jobs in January.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Categories: 8 On Your Side, News