Business

Applications for US jobless Aid Fall to Low Level of 281,000

Published

11 years ago

July 16, 2015

In this photo taken, Wednesday, July 15, 2015, job seekers attend a job fair in Miami Lakes, Fla. The Labor Department reports on the number of people who applied for unemployment benefits for the week ending July 11 on Thursday, July 16, 2015. (AP Photo/Alan Diaz)

Christopher S. Rugaber, ASSOCIATED PRESS

WASHINGTON (AP) — Fewer people sought U.S. unemployment benefits last week as employers remain confident enough in the economy to hold onto their staffs.

The Labor Department said Thursday that the number of applications for weekly unemployment aid fell 15,000 to 281,000. The four-week average, a less volatile figure, rose 3,250 to 282,500. Both figures remain below 300,000, a very low level historically that points to a solid job market.

Applications are a proxy for layoffs, so last week’s readings show that businesses are cutting few jobs. Applications have been below 300,000 since March.

“After 18 straight weeks below 300,000, it’s clear that the trend in layoffs is very low indeed, close to all-time lows when adjusted for the rising population over time,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a note to clients.

The total number of people receiving aid dropped 112,000 last week to 2.22 million. That’s 13 percent lower than a year ago. Many people receiving benefits have used up all their aid, though some have likely found jobs.

With layoffs low, employers are also hiring more to meet greater demand for their goods and services. The economy added 223,000 jobs in June, and the unemployment rate fell to a seven-year low of 5.3 percent.

Still, there were signs of lingering weakness in the job market.

The unemployment rate fell mostly because many of the unemployed stopped looking for work, rather than found jobs. The proportion of Americans working or looking for work fell to a 38-year low.

Average hourly pay was also unchanged in June from the previous month. Pay has risen at roughly a 2 percent annual pace since the recession ended in 2009, below the 3.5 percent typical in a healthy economy.

That sluggish wage growth could be holding back consumer spending and weighing on the economy. Sales at retailers and restaurants fell last month, the government said earlier this week, a sign Americans are still reluctant to spend freely.

Yet home sales have picked up and Americans are buying more cars. Analysts expect the economy will expand at about a 2.5 percent annual rate in the second quarter, after contracting 0.2 percent in the first three months of the year.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC