This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

US Unemployment Aid Applications Plummet To 346K

By CHRISTOPHER S. RUGABER

WASHINGTON (AP) â¿¿ The number of Americans seeking unemployment benefits fell sharply last week to a seasonally adjusted 346,000, signaling that the job market might be stronger than March's weak month of hiring suggested.

Applications for unemployment aid dropped 42,000 last week, the Labor Department said Thursday. The decline nearly reversed an increase over the previous three weeks. The four-week average, a less volatile measure, rose 3,000 to 358,000.

The number of unemployment applications has been volatile in the past two weeks largely because of the Easter holiday, a department spokesman said. The timing of the holiday changes from year to year. That makes it hard to adjust for school holidays and other changes that can cause temporary layoffs.

Applications had risen two weeks ago to 388,000, the highest level in four months. That spike "appears to have been a false alarm," Jim O'Sullivan, chief U.S. economist at High Frequency Economics, said in a note to clients.

"The report should assuage some of the concerns raised by last week's weaker-than-expected data, particularly payrolls."

Employers added only 88,000 jobs in March, the government said last week. That followed four months in which job growth averaged 220,000. Last week's drop in applications for unemployment aid could signal that hiring is picking up in April. O'Sullivan noted that the average is near its level for the first three months of the year, when job gains averaged 168,000 a month.

In March, the unemployment rate fell to a four-year low of 7.6 percent last month, down from 7.7 percent. But the rate fell only because more people stopped looking for work and were no longer counted as unemployed.

Applications are a proxy for layoffs. The decline in applications signals that companies are laying off fewer workers.

Nearly 5.28 million people were receiving unemployment aid in the week that ended March 23, the latest period for which figures are available. That's about 10,000 fewer than in the previous week.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs