by Wall Street Job Report on May 24, 2012
The number of people seeking unemployment benefits changed little last week, signaling modest job growth. The Labor Department said Thursday that weekly applications for benefits dipped by 2,000 to a seasonally adjusted 370,000. Applications have leveled off this month after declining from April’s five-month high of 392,000. The four-week average, a less volatile measure, has also dropped — it was 370,000 last week. The lower level indicates hiring could pick up 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.
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