US jobless aid applications fall to 5-year low - WRBL

US jobless aid applications fall to 5-year low

Posted: Updated:
WASHINGTON DC (WFLA) -

The number of Americans who applied for unemployment benefits fell by 4,000 last week to a seasonally adjusted 323,000, a fresh five-year low. The decline signals fewer layoffs and possibly more hiring.

The Labor Department said Thursday that the four-week average, a less volatile figure, dropped 6,250 to 336,750. That the fewest since November 2007, before the recession began.

Applications are a proxy for layoffs. Weekly applications have fallen about 9 percent since November and are now at a level consistent with a healthy economy.

The job market has also improved over the past six months. Net job gains have averaged of 208,000 a month from November through April. That's up from only 138,000 a month in the previous six months.

Still, much of the job growth has come from fewer layoffs - not increased hiring. Layoffs fell in January to the lowest level on records dating back 12 years, though they have risen moderately since then. At the same time, overall hiring remains far below pre-recession levels and unemployment remains high at 7.5 percent.

For hiring to increase enough to rapidly lower the unemployment rate, companies must gain more confidence in the economy. But some have held off adding new workers in recent months, possibly because of concerns about the impact of federal spending cuts and tax increases. And an increase in Social Security taxes could slow consumer spending, which drives nearly two-thirds of economic activity.

The Federal Reserve said last week that the federal government's policy changes are "restraining economic growth."

Still, even modest job gains could provide consumers with more money to offset the impact of the tax increase. Total wages rose 3.6 percent in April compared with a year earlier. That's comfortably ahead of the 1.5 percent inflation rate.

The economy grew at an annual rate of 2.5 percent from January through March, a big improvement from the anemic growth of 0.4 percent in the final three months of last year. But most economists expect growth will slow in the current quarter to 2 percent or lower.

  • 8 On Your SideMore>>

  • Woman says she bought tainted Hostess donettes at Sarasota gas station

    Woman says she bought tainted Hostess donettes at Sarasota gas station

    Friday, August 1 2014 5:33 PM EDT2014-08-01 21:33:29 GMT
    Everyone loves a good donut. But not the ones Jena Slinkard bought Thursday night at gas station in Sarasota. She just wanted a yummy, powdered donut late at night. So she bought a few packs, but when she bit into her normal favorite, Hostess Donettes, she spit it right out.
    Everyone loves a good donut. But not the ones Jena Slinkard bought Thursday night at gas station in Sarasota. She just wanted a yummy, powdered donut late at night. So she bought a few packs, but when she bit into her normal favorite, Hostess Donettes, she spit it right out.
  • Back-to-School Tax-free Holiday is here

    Back-to-School Tax-free Holiday is here

    Friday, August 1 2014 11:37 AM EDT2014-08-01 15:37:09 GMT
    It's almost time to head back to school and that means it's time to shop.
    It's almost time to head back to school and that means it's time to shop.
  • Tampa Bay woman feels ripped off, pays $61 for coins worth $1.50

    Tampa Bay woman feels ripped off, pays $61 for coins worth $1.50

    Thursday, July 31 2014 6:10 PM EDT2014-07-31 22:10:55 GMT
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins.Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins.
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins that have been sitting in a bank vault for years.With shipping, she paid $61.43. But, here's what she received: a bag of about 100 pennies, worth at most: $1.50.
    Vickie McInnis responded to a newspaper ad promising a chance to buy old, rarely-seen coins that have been sitting in a bank vault for years.With shipping, she paid $61.43. But, here's what she received: a bag of about 100 pennies, worth at most: $1.50.
  • NewsMore>>

  • No love for Lyft in the Tampa Bay area?

    No love for Lyft in the Tampa Bay area?

    Friday, August 1 2014 7:36 PM EDT2014-08-01 23:36:29 GMT
    Kevin Ludig feels like a rock star – he loves his job at Lyft that much.“You know I keep telling people I feel like a rock star because everyone keeps talking about what I do,” joked Kevin in his sleek Mercury MKS Hybrid. “I love this job.”Kevin uses his life at Lyft as a supplement to his work in solar panel sales.
    Kevin Ludig feels like a rock star – he loves his job at Lyft that much.“You know I keep telling people I feel like a rock star because everyone keeps talking about what I do,” joked Kevin in his sleek Mercury MKS Hybrid. “I love this job.”Kevin uses his life at Lyft as a supplement to his work in solar panel sales.
  • Cities not interested in joining combined 911 center in Pinellas County

    Cities not interested in joining combined 911 center in Pinellas County

    Friday, August 1 2014 5:42 PM EDT2014-08-01 21:42:56 GMT
    Thursday Pinellas Sheriff Bob Gualtieri told county commissioners and others attending a tour of his new Public Safety Complex that "it's time [for Clearwater, Largo, Pinellas Park and Tarpon Springs] to stop the nonsense" and combine their police dispatch operations with the new 911 center located inside his headquarters.
    Thursday Pinellas Sheriff Bob Gualtieri told county commissioners and others attending a tour of his new Public Safety Complex that "it's time [for Clearwater, Largo, Pinellas Park and Tarpon Springs] to stop the nonsense" and combine their police dispatch operations with the new 911 center located inside his headquarters.
  • Woman says she bought tainted Hostess donettes at Sarasota gas station

    Woman says she bought tainted Hostess donettes at Sarasota gas station

    Friday, August 1 2014 5:33 PM EDT2014-08-01 21:33:29 GMT
    Everyone loves a good donut. But not the ones Jena Slinkard bought Thursday night at gas station in Sarasota. She just wanted a yummy, powdered donut late at night. So she bought a few packs, but when she bit into her normal favorite, Hostess Donettes, she spit it right out.
    Everyone loves a good donut. But not the ones Jena Slinkard bought Thursday night at gas station in Sarasota. She just wanted a yummy, powdered donut late at night. So she bought a few packs, but when she bit into her normal favorite, Hostess Donettes, she spit it right out.
Powered by WorldNow

1350 13th Avenue
Columbus, GA 31901

Telephone: 706.323.3333
Fax: 706.327.6655
Email: news@wrbl.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.