WASHINGTON — The number of Americans seeking unemployment benefits rose to a seasonally adjusted 367,000, a level consistent with only modest hiring.
Weekly applications increased last week by 4,000 from the previous week’s level of 363,000, the Labor Department said Thursday. The previous week was revised higher from an initial reading of 359,000. The four-week average, a less volatile measure, was unchanged at 375,000.
Unemployment benefit applications are a measure of the pace of layoffs. When they consistently fall below 375,000, it typically indicates that hiring is strong enough to lower the unemployment rate.
Applications have mostly stayed near or above that level since the spring, coinciding with a weak stretch of hiring. The government reports Friday on September hiring and unemployment.
The economy has added an average of just 87,400 jobs a month since April, down from an average of 226,000 jobs a month in the January-March quarter.
Economists predict employers added 111,000 jobs last month, only slightly more than the 96,000 jobs added in August. The unemployment rate is expected to tick up to 8.2 percent from 8.1 percent in August.
— This article appeared on page B1 of the Albuquerque Journal