WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits fell last week, but the level of applications remains too high to signal a pickup in hiring.
The Labor Department said Thursday that weekly applications fell to a seasonally adjusted 386,000. That's down from 392,000 the previous week, which was revised up. The four-week average, which smooths week-to-week fluctuations, was mostly unchanged at 386,750.
"Jobless claims are still too high and show that employment growth is slowing and no progress is being made," said Jennifer Lee, an economist at BMO Capital Markets.
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