Fresh applications for weekly unemployment benefits dropped by 12,000 last week to 367,000 - one of the lowest levels seen in years and a signal that the stubborn job market may at last be improving, the U.S. Department of Labor announced Thursday.
Weekly requests for unemployment insurance benefits averaged 439,000 as recently as May. But Thursday, the government noted that the new four-week average was 375,750. That's down 2,000 from the prior week. The good news comes one day before the government releases January unemployment figures on Friday.
In another shot of good news, the Labor Department announced that business productivity rose at a 0.7 percent
annual rate during the fourth quarter of 2011.
Economists said Thursday's economic reports provide hope that America's factories maybe producing more due to increased demand and that weekly jobless claims fell despite the fact that retailers dismissed thousands of workers last month after the busy holiday season.
