DHAKA: The number of Americans applying for unemployment benefits fell 21,000 to a seasonally adjusted 323,000 last week, the lowest since late September and further evidence of an improving job market.

The Labor Department said Thursday that the less volatile four-week average fell for the third straight week to 338,500.

Both figures are near pre-recession levels, reports The Straits Times.

Applications are a proxy for layoffs. They had spiked in early October because of the partial government shutdown and processing backlogs in California.

But first-time applications have now fallen in five of the past six weeks. The decline indicates that employers are laying off fewer workers.

‘If claims can remain at this week`s level it would be easier to believe in the idea that ... payroll growth could break out to the upside,’ said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

BDST: 2037 HRS, NOV 20, 2013
RoR/JCK