Unemployment Applications Drop to 5-Year Low

But may not be sign of the times

The number of Americans filing applications for unemployment aid fell to a five-year low last week. The weekly claims for benefits decreased by 37,000 to a seasonally adjusted 335,000, the lowest level since January 2008. But while last week's decline ended four straight weeks of increases, the Labor Department said, it may not be the sign of a larger trend. The layoffs weren't as large as expected, said a spokesman, so that caused a steep drop in the seasonally adjusted data. The four-week moving average for new claims, a better measure of labor market trends, fell 6,750 to 359,250, suggesting some improvement in underlying labor market conditions. (NBC)

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