Labor Department Reports Jobless Claims Drop to Five Year Low

Want some good news as we approach the end of the week?

Okay, we admit, this probably won’t impact you directly in terms of a bonus or promotion but hey, it’s good news nonetheless. The number of Americans filing new claims for jobless benefits dropped last week.

Overall, this means the labor market is looking up and as such, so is the economy.

As per the Labor Department, initial claims for state unemployment benefits decreased by 5,000 for a total of 366,000.

Plus, the four week average for people who filed new claims dropped. Apparently this is an indicator of the market — it marked the lowest level since March 2008!