WASHINGTON (AP) — The number of Americans seeking unemployment benefits dropped 15,000 last week to a seasonally adjusted 320,000, the fewest since October 2007 — a sign of dwindling layoffs and steady if modest job growth.
The Labor Department said Thursday that the less volatile four-week average fell 4,000 to 332,000, the fewest since November 2007 and the fifth straight decline.
Companies are laying off fewer workers, a trend that has lowered applications for unemployment benefits 14 percent this year. But hiring is still sluggish, resulting in only modest net job growth.
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