THE ISSUE:
Applications for US unemployment aid tick higher to 254,000
WASHINGTON (AP) — More Americans sought unemployment benefits last week but the number of applications remained low, the latest sign that layoffs are scarce.
THE NUMBERS: The Labor Department said Thursday that weekly applications for jobless aid rose 3,000 to a seasonally adjusted 254,000. The four-week average, a less volatile measure, ticked down to 256,000, matching a 43-year low first reached in April.
The number of people receiving aid dropped 46,000 to 2.1 million, the smallest number since July, 2000. Even in a healthy economy some people lose jobs as companies restructure.
THE TAKEAWAY: The economy is expanding, though at a sluggish pace, growing just 1.4 percent in the April-June quarter, according to a separate government report Thursday.
But businesses are hiring steadily and holding tightly to their staffs. With the unemployment rate low at 4.9 percent, many employers say they can't find qualified workers for open positions. That makes them reluctant to cut jobs.
KEY DRIVERS: Employers added 151,000 jobs in August, after two big gains in June and July. Still, the pace of gains has slowed this year from 2014 and 2015.
Economists largely expected the deceleration, which typically occurs as the unemployment rate falls and fewer people are available to take available jobs.
Student Reactions
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Liz Hynes, sophomore elementary and special education major “My dad’s company merged with another one and he fortunately didn’t lose his job, but he ended up taking on somebody else’s job so I’ve seen the stress on that side," Hynes said. |
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Jacob Vogelsang, sophomore finance major
“Companies are creating more factories and places like that for work and people are actually getting more jobs,” Vogelsang said. |
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Destiny Washington, junior telecommunications major
“I feel like if there’s jobs being created then we need to jump on that full force … the unemployment rate keeps going down and I think that’s a good thing,” Washington said. |
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Jaelin Manifold, senior accounting major
“I think [the job market] is improving … I think the economy is starting to grow a little bit more ... to need younger people," Manifold said. |
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