(FILE:AP Photo/Gregory Bull)
The Labor Department says weekly applications rose 15,000 to a seasonally adjusted 381,000. The four-week average, a less volatile measure, fell for the fourth straight week to 375,000 — the lowest level since June 2008.
Applications generally must fall below 375,000 — consistently — to signal that hiring is strong enough to reduce the unemployment rate.
Unemployment benefit applications are a measure of the pace of layoffs. Applications have plummeted in the past month, indicating that job cuts have fallen sharply. Still, many companies have been slow to boost hiring.
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