Unemployment Benefit Applications Stuck Above 400K - Spokane, North Idaho News & Weather KHQ.com

Unemployment Benefit Applications Stuck Above 400K

WASHINGTON (AP) - The number of Americans seeking unemployment benefits was mostly unchanged last week, evidence that the struggling economy isn't generating many jobs.

The Labor Department says unemployment benefit applications ticked down 1,000 to a seasonally adjusted 428,000.

Applications have topped 400,000 for 12 straight weeks. Applications had fallen in February to 375,000, a level that signals sustainable job growth. They stayed below 400,000 for seven
of nine weeks. But applications then surged to an eight-month high of 478,000 in April and have shown only modest improvement since that time.

The four-week average, a less volatile measure, has been stuck at about 426,000 for a month.

Companies have pulled back on hiring in the face of high gas prices, which cut into consumer spending.
      
      
      
 (Copyright 2011 by The Associated Press.  All Rights Reserved.)
   

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