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Unemployment claims drop to 348K last week

The number of people seeking unemployment benefits fell to the lowest point in almost four years last week, the latest signal that the job market is steadily improving.

The Labor Department says weekly applications for unemployment benefits dropped 13,000 to a seasonally adjusted 348,000. It was the fourth drop in five weeks and the fewest number of claims since March 2008.

The four-week average, which smooths out fluctuations in the weekly data, fell for the fifth straight week to 365,250. The average has fallen nearly 13 percent in the past year.

The consistent decline indicates that companies are laying off fewer workers, and hiring is likely picking up further. When applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.