The number of Americans seeking unemployment aid fell to the lowest level in 15 years last week, according to the Associated Press.
The significant improvement is seen as evidence that employers are laying off fewer workers despite a sharp slowdown in economic growth.
REPORT: BLACK, HISPANIC AMERICANS ARE LOSING ECONOMIC GROUND
The Labor Department says weekly applications for unemployment benefits dropped 34,000 to 262,000. This is the lowest level since April 2000. The four-week average, a less volatile measure, dipped 1,250 to 283,750, near a 15-year low, AP reports.
Applications are a stand-in for layoffs, therefore the fall in unemployment aid indicates that employers are still confident enough in the economy to hold onto their workers.
The Associated Press the economy expanded just 0.2 percent at an annual rate in the January-March quarter, down from the 3.6 percent pace in the second half of last year. Fewer layoffs, however, suggests the growth slowdown may only be temporary.
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