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Applications for U.S. jobless aid on the rise

WASHINGTON (AP) – More Americans sought unemployment benefits last week, but the number of applications continues to be at historically low levels that suggest solid economic growth will continue.

The Labor Department says applications for unemployment benefits climbed 17,000 last week to a seasonally adjusted 298,000.

The four-week average, a less volatile measure, rose 250 to 290,750. That average has plummeted 17.5 percent in the past 12 months.

Applications are a proxy for layoffs. For almost four months, applications for jobless aid have hovered at relatively low sub-300,000 levels. That suggests that employers expect strong economic growth to continue, causing them to hold onto their staff and potentially hire additional workers.

In the first 11 months of 2014, employers have added 2.65 million new jobs, the highest total since 1999.

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