WASHINGTON — The number of people applying for unemployment benefits fell sharply for the second straight week, suggesting the job market is slowly recovering.
Applications for benefits dropped 29,000 last week to a seasonally adjusted 409,000, the Labor Department said.
The four-week average, a less volatile measure, rose slightly to 439,000. It was the sixth straight increase.
The declines come after applications spiked last month to an eight-month high of 474,000. The increase was largely because of temporary factors. Still, it lifted applications nearly 100,000 higher than February’s three-year low of 375,000 — a level typically consistent with sustainable job growth.
Weekly applications peaked during the recession at 659,000.
Economists said they were encouraged to see applications declining again, but many said they would feel more optimistic about the job market when applications fall below 400,000.
In other economic news, commodities fell across the board Thursday after new reports pointed to signs of a slowing economy.
The Conference Board’s index of leading economic indicators dropped 0.3 percent in April, the first decline in 10 months. Some of the decline occurred because of last month’s jump in unemployment claims and lingering problems for the housing industry.
The Federal Reserve Bank of Philadelphia’s monthly measure of regional manufacturing sank to the lowest reading since October.
