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Nearly 5.4 million people were receiving unemployment aid as of the week ended March 2, the latest data available. That was about 250,000 fewer than the previous week. The data on total unemployment benefit recipients are not seasonally adjusted and is volatile. The job market is benefiting from stronger auto sales and a healthy recovery in housing. Homebuilding permits jumped to their highest level in 4 1/2 years in February, suggesting that recent strong gains in home construction will continue. New-home sales jumped 16 percent in January to the highest level since July 2008. Auto sales, meanwhile, rose in January and February after hitting a five-year high in 2012. The housing and auto sectors are being helped by the Federal Reserve's efforts to keep interest rates low, policies the Fed stood by Wednesday after a two-day meeting. The Fed reinforced its plan to keep short-term interest rates at record lows at least until unemployment falls to 6.5 percent, as long as the inflation outlook remains mild. And it said it would continue buying $85 billion a month in bonds indefinitely to keep long-term borrowing costs down. During a news conference after the meeting, Chairman Ben Bernanke acknowledged the job market has accelerated but said the Fed wants to see sustained improvement before altering its stimulus policies. Unemployment benefit applications are one of the measures Bernanke said the Fed is closely monitoring.
[Associated
Press;
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