The number of Americans seeking unemployment benefits was mostly unchanged last week, evidence that the struggling economy isn’t generating many jobs.
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The Labor Department says unemployment benefit applications ticked down 1,000 to a seasonally adjusted 428,000.
Applications have topped 400,000 for 12 straight weeks.
Applications had fallen in February to 375,000, a level that signals sustainable job growth. They stayed below 400,000 for seven of nine weeks. But applications then surged to an eight-month high of 478,000 in April and have shown only modest improvement since that time.
The four-week average, a less volatile measure, has been stuck at about 426,000 for a month.
Companies have pulled back on hiring in the face of high gas prices, which cut into consumer spending. – CNBC
