Number Seeking Jobless Aid Lowest Since February 2008

WASHINGTON (October 11, 2012)--The number of Americans seeking unemployment aid dropped to 339,000 last week, the lowest level in more than four years and the sharp drop offered a hopeful sign that the job market could pick up, the U.S. Labor Department said Thursday.

The Labor Department said weekly applications fell by 30,000 to the lowest level since February 2008.

The four-week average, a less volatile measure, dropped by 11,500 to 364,000, a six-month low.

Applications are a proxy for layoffs.

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

The decline adds to other evidence that hiring is improving.

Last week's jobs report showed the unemployment rate fell to 7.8 percent, the first time it has fallen below 8 percent since January 2009.

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