Applications for U.S. jobless benefits declined last week to the lowest level in 15 years, suggesting that employers view the first-quarter economic slowdown as a temporary thing. First-time filings for unemployment insurance fell by 34,000 to 262,000 in the week ended April 25, the lowest since April 15, 2000, according to a U.S. Labor Department report released today. The figure was smaller than the lowest projection in a Bloomberg survey of economists. With job openings at a 14-year high and prospects for stronger growth after the first-quarter setback, companies are intent on maintaining headcounts, economists say.
The level of firings is consistent the Federal Reserve’s view of sustained progress in the job market. “Claims have been quite steady, remaining below this key level of 300,000,” Thomas Costerg, an economist at Standard Chartered Bank in New York, says. “The U.S. labor market is in good shape and has been quite resilient.”
Earlier this week, the Louisiana Workforce Commission released data showing that during the month of March both employment and unemployment rates in Louisiana and Baton Rouge increased, suggesting that more people are working and seeking work.
