The number of people applying for unemployment benefits dropped last week to its lowest level since April 2008, extending a downward trend that shows the job market strengthening.
U.S. stocks plunged Friday, threatening to erase the week's gains, as rising fears about fallout from Europe's debt crisis overshadowed President Barack Obama's plan to revive the U.S. job market.
After calamitous losses on Wall Street and fears of another recession, the economy got a dose of good news Thursday: The number of people applying for unemployment benefits fell below 400,000 for the first time since April.
The number of people seeking unemployment benefits fell last week below 400,000 for the first time in four months, a sign that the job market may be improving slowly after a recent slump.
A stronger jobs report wasn't enough to calm financial markets or stem concerns that the debt crisis in Europe could threaten the fragile U.S. economy.