Fewer people applied for unemployment benefits last week, but applications remain stuck at a level that signals weak job growth. The number of applications for unemployment benefits dropped 6,000 to a seasonally adjusted 422,000, the Labor Department says. It was the third drop in four weeks. But the declines follow much bigger increases in April. Applications dropped to 375,000 in late February, a level consistent with sustainable job growth. But for the past eight weeks, applications have stayed above 400,000. The four-week average, a less volatile measure, fell for the second straight week to 425,500. The economy has hit a soft patch after showing strength at the beginning of the year. Many economists expect May’s jobs report will show hiring slowed last month. The report will be released on Friday.
Fewer Americans apply for unemployment benefits
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