News Summary: US jobless aid applications fall

News Summary: US unemployment aid applications fall to level consistent with steady job growth

Associated Press

FEWER CLAIMS: The number of Americans seeking unemployment benefits fell 11,000 last week to a seasonally adjusted 346,000, a level consistent with steady job growth.

LAYOFFS DOWN: Weekly applications are a proxy for layoffs. The less volatile four-week average rose 4,500 to 352,500. The average hit a five-year low of 338,000 in May.

HIRING NEEDED: Companies have been reluctant to rapidly create many more jobs. On Friday the government reports on May employment. Economists expect it will show that employers added 170,000 jobs last month.

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