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New applications for unemployment benefits rose by 11,000 to 222,000 in mid-May, the Department of Labor reported Thursday.
Forecasters had expected a slight uptick in new jobless claims, after the numbers scraped the lowest levels in nearly half a century in recent weeks.
The article goes on to state the following:
Even with the weekly increase, however, average weekly claims for the past month are the lowest in over 48 years.
Low claims are a good sign for the economy. They suggest layoffs are rare.
And Thursday’s report suggests that prospects are getting better and better for workers, even though the jobs recovery is aging toward a ninth year.
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