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Benefit applications jump to 399,000
Applications for weekly unemployment benefits spiked last week, largely because companies let go of thousands of workers after the holiday season.
Weekly applications rose by 24,000 to a seasonally adjusted 399,000, the Labor Department said Thursday. That’s the highest level in six weeks.
Economists said such a jump is typical in early January and downplayed the increase. It followed three months of steady declines that brought applications to their lowest level in more than three years. And weekly unemployment claims have been below 400,000 in nine of the past 10 weeks.
Applications typically soar in the first two weeks of the year. That’s because many companies lay off temporary workers brought on to help during the holidays. The department tries to adjust for those patterns, but the task is difficult because the data can be volatile.
The four-week average, which attempts to smooth such fluctuations, also rose, to 381,750. It had fallen in the previous week to a 3 1/2-year low.
FORT WORTH, Texas | Shares of Delta Air Lines Inc. rose Thursday after a report that the world’s second-biggest airline is interested in bidding for American Airlines parent AMR Corp.
Three big mergers since 2008 have helped the airline industry by reducing competition and making it easier to raise prices. In one of those deals, Delta bought Northwest.
American missed out on the merger mania and fell from first to third among the world’s biggest airlines by passenger traffic. US Airways Group Inc., which tried to buy Delta out of bankruptcy in 2006, is widely viewed as a possible bidder for AMR. US Airways declined to comment.
Delta shares rose 34 cents, or 4 percent, to $8.95 in afternoon trading. The stock has traded between $6.41 and $12.81 in the past 52 weeks.
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