US jobless claims drop to 339,000; reach 4-year low

The Labor Department said Thursday that weekly applications fell by 30,000 to the fewest since February 2008. The four-week average, a less volatile measure, dropped by 11,500 to 364,000, a six-month low.

Weekly applications are a proxy for layoffs. They can fluctuate sharply from week to week. If they stay near last week's level, it would likely signal better hiring ahead.

When applications consistently drop below 375,000, it suggests that hiring is strong enough to lower the unemployment rate.

These positive figures follow the surprisingly upbeat September employment report. The report said the unemployment rate fell in September to 7.8 percent, from 8.1 percent in August.

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