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What's behind lowest level of unemployment applications in 42 years?

from The Christian Science Monitor

The number of Americans applying for unemployment benefits dropped rapidly, matching a record set in March that was the lowest since 1973. During the week, applications for jobless benefits dropped 13,000, to a seasonally adjusted 253,000, the Labor Department reported. An increase in unemployment applications is often seen as a proxy for an increase in layoffs, whereas a decline in people applying for the benefits — where workers’ eligibility varies from state to state — suggests that companies are holding onto their workers for longer. more

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