Weekly US jobless aid applications dip to 370,000
(Good news. The best thing that would help Obama be re-elected is if the jobs numbers continue to improve every month up to the election. Let's hope that soon we can get out of 8% unemployment):
WASHINGTON (AP) — The number of people seeking unemployment aid changed little last week, signaling modest job growth.
The Labor Department says weekly unemployment benefit applications dipped by 2,000 to a seasonally adjusted 370,000.
Applications have leveled off this month after spiking in April to a five-month high of 392,000. The four-week average, a less volatile measure, has also declined — it was 370,000 last week.
The lower level suggests hiring could pick up a bit in May from April's sluggish pace. When applications drop below 375,000 a week, it typically suggests hiring is strong enough to lower the unemployment rate.
Economists forecast employers have added 160,000 jobs this month. That's above April's gains but below the pace set this winter. The government will report next Friday on May job growth.
The unemployment rate has fallen from 9.1 percent in August to 8.1 percent last month.
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