WASHINGTON (AP) — Fewer people applied for unemployment benefits last week, a hopeful sign that the job market might be picking up.
The Labor Department said Thursday that weekly applications dropped 9,000 to a seasonally adjusted 397,000, the lowest level in five weeks. It's only the third time since April that applications have fallen below 400,000.
Economists were encouraged by the drop, though they cautioned that the trend would have to persist to signal real improvement.
"Should the gradual decline seen in recent weeks continue, this would mark an important sign" that the job market is improving, Peter Newland, an economist at Barclays Capital, said in a note to clients.
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