Applications for jobless aid fell last week

WASHINGTON » The number of people seeking unemployment benefits fell last week, evidence that layoffs remain at unusually low levels and the job market is moving closer to full health.

Weekly applications for jobless aid dropped 12,000 to a seasonally adjusted 267,000, the Labor Department said Thursday, near 15-year lows reached two months ago. The four-week average, a less volatile measure, declined 2,000 to 276,750.

The figures suggest that Americans are enjoying solid job security. Applications, a proxy for layoffs, have remained below 300,000, a historically low level, for 15 weeks. The trend indicates that employers are confident enough in future consumer demand to retain their staffs.

Average rate on 30-year mortgage eases to 4 percent

WASHINGTON » Average long-term U.S. mortgage rates eased this week after hitting their highest levels this year in the previous week.

Mortgage giant Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage declined to 4 percent this week from 4.04 percent a week earlier. The rate on 15-year, fixed-rate mortgages slipped to 3.23 percent from 3.25 percent.

Mortgage rates have been surging in recent weeks amid signs of improvement in the economy.

On Wednesday the Federal Reserve took note of the economic strength and appeared ready to raise interest rates this year for the first time in nearly a decade, in the belief that the economy no longer needs the stimulus of near-zero rates.

Fitbit’s IPO beats expectations on the NYSE

NEW YORK » Fitbit saw its shares rocket almost 50 percent higher Thursday on the New York Stock Exchange in the first day of trading for the maker of fitness-tracking gear.

Fitbit’s initial public offering was priced at $20 per share, bringing in more than $730 million and valuing Fitbit at about $4.1 billion in total. The company had already raised its stock-price expectations this week and said the IPO would include additional shares, but the offering still surpassed its estimates.

Cost of gas raises consumer price index

WASHINGTON » Consumer prices increased in May by the largest amount in more than two years, reflecting the biggest one-month jump in gas prices in nearly six years. But outside of energy, price pressures remained modest.

The consumer price index rose 0.4 percent in May, the biggest advance since February 2013, the Labor Department reported Thursday. The increase was driven by a 10.4 percent rise in the cost of gasoline, which has started climbing after nearly a year of falling energy prices.

Trade deficit hit $113.3B in first quarter

WASHINGTON » The deficit in the broadest measure of U.S. trade increased in the January-March quarter to the highest level since the spring of 2012 as American exports declined.

The Commerce Department said Thursday that the deficit in the current account increased to $113.3 billion in the first quarter, up 9.9 percent from a fourth-quarter deficit of $103.1 billion. It was the largest imbalance since a $118 billion deficit in the second quarter of 2012.

Economic health predictor up 0.7% in May

WASHINGTON » An index designed to predict the future health of the economy posted a second straight strong increase in May, indicating the economy should gain strength in the second half of this year.

The Conference Board said Thursday that its index of leading indicators rose 0.7 percent in May, matching the gain in April. Both months represented the strongest increase since a 1 percent rise last July.

Manufacturing grows in Philadelphia area

WASHINGTON » Manufacturing in the Federal Reserve’s Philadelphia region expanded this month at the fastest pace since December, suggesting that an improving economy is boosting factory output.

The Federal Reserve Bank of Philadelphia said Thursday that its index of factory activity rose to 15.2 from 6.7 in May. That’s the highest level since December, though below a recent peak of 40.2 in November. Any reading above zero indicates that manufacturing is expanding.

On The Move

» The Hawaii Tourism Authority has announced the following:

— Randy Baldemor has been appointed as chief operating officer. Baldemor served in numerous leadership positions with the state, including deputy director at the Department of Human Resources Development, director of strategic initiatives at the Governor’s Office, deputy director with Department of Taxation and deputy chief information officer for the Office of Information Management and Technology.

— Marc Togashi has been promoted to vice president of finance. He joined HTA as a fiscal manager in 2011. Prior to that, Togashi served seven years at KPMG, a public accounting firm.

Ship Ahoy!

Today’s ship arrivals and departures: