The number of Americans who applied for jobless benefits dropped by 2,000 last week, bringing the total to 351,000, a four year low, according to numbers released today by the Department of Labor.
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Stocks climbed slightly as investors reacted positively to the news.
The Associated Press reported, "Applications have fallen steadily since October. The average has declined 14.6 percent since then. When applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate."
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A reduction in jobless claims shows that "firing is on a downward trend," according to Businessweek. A Moody's analyst told Businessweek, "“Businesses recognize that they don’t need to lay off any more people. Down the road, they’re going to realize they need to hire more people.”
The number of citizens on emergency unemployment benefits rose incrementally to 2.9 million on February 11, when a total of 7.5 million Americans claimed unemployment, according to Reuters.