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U.S. applications for unemployment aid drop

Associated Press
May 3, 2012
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The number of people seeking unemployment benefits fell last week by the most in nearly a year. The figure was a hopeful sign one day before the government releases the April jobs report.

The Labor Department said Thursday that weekly unemployment aid applications fell 27,000 last week to a seasonally adjusted 365,000. The four-week average, a less volatile measure, ticked up to 383,500 last week.

Applications are a measure of the pace of layoffs. When they fall below 375,000, it generally suggests that hiring will be strong enough to lower the unemployment rate.

Last month, applications jumped after steadily declining since the fall. At the same time, hiring slowed. Those figures sparked concerns that the job market was worsening after strong gains during the winter. But some economists said temporary layoffs stemming from the spring holidays might have inflated benefit applications.

Last week's drop reversed the increase during April. Applications are now roughly back at their level of four weeks ago.

"These data are consistent with the notion that while the labor market is not as robust as December-February data suggested, neither is it in the process of falling apart," said Joshua Shapiro, an economist at MFR Inc.

Other recent data have been mixed. A survey by payroll provider ADP, released Wednesday, said businesses sharply cut back on hiring in April.

A report earlier this week showed that the economy's manufacturing sector expanded at the fastest pace in 10 months. Measures of new orders, production and exports rose. And a gauge of employment reached its highest level in 10 months.

On Friday, analysts expect the government to report that employers added 163,000 jobs in April, while the unemployment rate was unchanged at 8.2 percent. That would be an improvement from March, when job growth slowed to just 120,000. But it would be below the average of 246,000 jobs a month added from December through February.

Many economists downplayed the weak hiring in March. They said a mild winter led employers to accelerate hiring in January and February. That made March's job figures weaker.

ADP's report said companies added only 119,000 jobs last month. The ADP report has deviated sharply from the government's figures in the past and isn't always a reliable indicator. For example, the government's estimate of 120,000 jobs created in March was much lower than ADP's estimate of 201,000.

Most economists said the ADP figures would not lead them to change their forecasts for job creation during April.

The number of people receiving benefits also declined. In part, though, that's because some extended benefit programs are winding down. Nearly 6.6 million people received benefits during the week of April 14. That's down from about 6.7 million the previous week.

The unemployment rate has fallen to 8.2 percent in March from 9.1 percent in August. Part of the reason was that some people gave up looking for work. People who are out of work but not looking for jobs aren't counted among the unemployed.

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

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