WASHINGTON (AP) — The number of people applying for unemployment benefits rose back above 400,000 last week. Still, the four-week average, a more reliable gauge of the job market, fell to the lowest level since mid-April.
The report suggests that the economy is creating jobs but not nearly enough to lower the high unemployment rate.
Weekly applications rose 9,000 to a seasonally adjusted 408,000, the Labor Department said Thursday. That's the highest level in four weeks. Applications have been above 400,000 for 18 of the past 19 weeks.
The four-week average dropped for the seventh straight week to 402,500.