WASHINGTON (AP) — The number of Americans seeking unemployment aid fell last week to a seasonally adjusted 339,000, the second-lowest level in more than five years. The decline suggests hiring is improving from last month's sluggish pace.

Applications for unemployment benefits dropped by 16,000, the Labor Department said Thursday. The four-week average declined 4,500 to 357,500.

Applications are a proxy for layoffs. When they decline, it signals that companies are cutting fewer jobs. Still, layoffs are only half of the equation. Businesses also need to be confident enough in the economic outlook to step up hiring.

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