There has been a strong decline in employment benefit-seeking individuals throughout the United States, which is a clear indication of the continuing of increased hiring.
In the last week, there has been a drop of 36,000 applications, reaching an amount of 289,000. While last month, the number of applications grew by 40,000, economists explain that this sharp increase was due to the unfavorable weather conditions that caused temporary job loss.
The economy’s 2.2 percent growth rate of 2014’s last tri-month period is significantly lower than the annual 4.8 percent, and it is estimated that such a rate will continue throughout January, February and March this year. Nevertheless, about 3.3 million more U.S citizens are now employed, when compared to the figures from one year ago.
The four-week average, which is more stable measure, shows that there has been a drop of 3,750 in the number of applications, reaching 302,250. In addition, the unemployment rate has seen a decrease of 5.5 percent between the months of December and February, which amounts to an average of 288,000 workplaces.
While there has been an increase in job gaining, there is still moderate increase of average earnings per hour, amounting to 2 percent, which is 0.2 percent lower than previous months. However, an increase in job quitting demonstrated in a report from Tuesday indicates that many individuals are now moving to better-paying jobs, which will in turn result in an increase of the average earnings per hour, as this trend has the potential to motivate employers to give higher pay in order to retain its workers.