Stuck in Neutral -- First Time Unemployment Benefits Claims -- Four-Week Average Rises

Link here.

The number of people seeking unemployment benefits dipped slightly last week, though not by enough to suggest that hiring is picking up.

Weekly applications for unemployment benefits declined 2,000 to a seasonally adjusted 402,000, the Labor Department said Thursday. That's the fourth drop in six weeks.

Still, the four-week average, a less volatile measure, rose to 405,500. The average had fallen to a six-month low two weeks ago.

Despite the recent declines, applications are stuck above 400,000, where they have been for all but two weeks since March. Applications need to fall consistently below 375,000 to signal sustainable job growth. They haven't been below that level since February.

The weekly jobless reports and the almost weekly updates in non-movement on the Keystone XL pipeline haven't changed in months. There's probably some connection but probably a bridge too far for most. Ayn Rand could write a great book about those seemingly unrelated factoids.