The number of Americans filing new claims for unemployment benefits fell last week to one of its lowest levels since before the 2007-09 recession, a sign of increasing health in the labor market.
Initial claims for state unemployment benefits dropped by 11,000 to a seasonally adjusted 304,000 for the week ended July 5, the Labor Department said on Thursday. Economists polled by Reuters had forecast first-time applications for jobless aid to hold steady at 315,000 last week.
Employers slashed their payrolls during the country's deep recession, but the long cycle of aggressive layoffs now appears over.