Applications for US jobless aid stay near historic lows

More job openings

WASHINGTON, Nov 12, (AP): The number of people seeking unemployment aid was unchanged last week, a sign that most businesses are reluctant to cut jobs.

The Labor Department said Thursday that weekly applications for jobless benefits remained at a seasonally adjusted 276,000, the same as the previous week. The four-week average, a less volatile measure, rose 5,000 to 267,750.

Applications are a proxy for layoffs. Just three weeks ago, the average dropped to its lowest level since December 1973. That suggests employers are confident the economy will continue to expand and see little reason to let go of their staffs.

After stumbling in the July-September quarter under the weight of slowing overseas growth and a strong dollar, the US economy is forecast to rebound in the final three months of this year. Americans are still spending on autos, electronics, and restaurant meals at a healthy rate, supporting a pickup in hiring last month.

Hiring is typically healthy when applications are so low. Employers added 271,000 jobs in October, the government said last week, the largest monthly gain this year. The unemployment rate ticked down to 5 percent from 5.1 percent, a fresh seven-year low.

There have also been signs that average pay is finally picking up after rough- ly six years of sluggish growth. Average hourly wages rose 2.5 percent in October from a year earlier, the largest annual gain since 2009. Still, that remains below the 3.5 percent pace that is typical in a healthy economy.

October’s job gain came after two months of tepid hiring in August and September. Still, employers have added an average of 206,000 jobs a month this year. That’s enough to lower the unemployment rate over time.

The number of people receiving benefits edged up slightly to 2.17 million, from 2.16 million in the previous week.

The strong dollar, weak growth overseas have signed it on day one; they never leave the big announcements until the end.”

A fresh Rafale order would be a setback for the four-nation Eurofighter programme and Lockheed Martin, which had offered upgrades to existing F-16s.

Rafale export hopes rose as Britain’s BAE Systems said it was cutting Eurofighter production. and an excess of stockpiles in company warehouses have weighed on the economy since August. US factory output has also fallen as oil and gas drilling companies have sharply reduced their spending on machinery and equipment.

Growth slowed to an annual rate of just 1.5 percent, down from 2.3 percent pace in the first half of the year. But many economists forecast that growth will rebound to a roughly 2.5 percent pace in the final three months of this year.

Employers advertised more job openings in September but hiring was essentially unchanged.

Job openings rose 2.8 percent to 5.53

Meanwhile, Raytheon Company plans to partner with a Saudi electronics firm to grow its presence in the Gulf, part of a push to expand global commercial sales, its international chief executive said this week.

Raytheon, one of the largest US arms makers, announced an agreement at the Dubai Airshow with Riyadh-based million in September, up from 5.38 million in August, the Labor Department said Thursday. Hiring slipped to 5.05 million from 5.08 million the prior month.

The report indicates a relatively healthy US job market that is weathering the pressures of slower growth in China, a struggling European economy and a stronger dollar crimping exports.

The number of people quitting jobs — a measure of confidence in the job market — was essentially unchanged from September at 2.72 million. Quits have been flat for the past year after rising steadily in the aftermath of the 20072009 Great Recession. Advanced Electronics Co (AEC) to explore collaboration on weapon systems, integrated sensors, civil aviation and cybersecurity.

“We see significant growth in the international marketplace, and the GCC figures prominently in that growth plan,” John Harris, the chief executive of Raytheon International, told Reuters at the air show on Wednesday, referring to the Gulf Cooperation Council group of countries.

The Gulf region is the largest market driver in the arms industry, buying billions of dollars of military equipment each year. Saudi Arabia spent $7.7 billion in 2014, more than double any of its neighbors, according to research firm IHS.