US applications for unemployment aid drop sharply, good sign before April jobs report

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Awww, so sad for the Republicans. Watch the scramble begin!

WASHINGTON — The number of people seeking unemployment benefits fell last week by the most in nearly a year. The figure was a hopeful sign one day before the government releases the April jobs report.

The Labor Department said Thursday that weekly unemployment aid applications fell 27,000 last week to a seasonally adjusted 365,000. The four-week average, a less volatile measure, ticked up to 383,500 last week.

Applications are a measure of the pace of layoffs. When they fall below 375,000, it generally suggests that hiring will be strong enough to lower the unemployment rate.

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