Brought to you by WBIW News and Network Indiana
Last updated on Friday, December 30, 2011
(UNDATED) - The number of people seeking unemployment benefits rose last week for the first time in a month.
But a measure of applications over the past month fell to a three-and-a-half-year low, an indication that hiring could pick up.
The Labor Department says weekly applications rose 15,000 to a seasonally adjusted 381,000. The four-week average, a less volatile measure, fell for the fourth straight week to 375,000 - the lowest level since June 2008.
Applications generally must fall below 375,000 - consistently - to signal that hiring is strong enough to reduce the unemployment rate.
Unemployment benefit applications are a measure of the pace of layoffs. Applications have plummeted in the past month, indicating that job cuts have fallen sharply. Still, many companies have been slow to boost hiring
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