For the government's weekly claims tabulation, it was the fourth drop in five weeks. The four-week average, which smooths fluctuations, declined to 373,250, the lowest level since June 2008.
When applications drop below 375,000 — consistently — they generally signal that hiring is strong enough to reduce the unemployment rate.
Applications have declined steadily over the past three months.
We still have three or five years to go until we go below 7% unemployment, assuming we ever do.
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