The Labor Department on Thursday reported that the number of Americans applying for jobless benefits dropped last week, according to the Associated Press. It’s a sign that companies are not cutting many jobs.
Unemployment benefits claims fell 10,000 to 236,000 — a historically low level — and the four-week average of claims, which evens out some week-to-week volatility, was down 750 to 245,000.
While the decline suggests that many businesses are holding onto their employees, separate data also has signaled a cool-off in hiring. Economists refer to this as a “no hire, no fire” job market.
