Unemployment applications dip to a 4-year low

WASHINGTON (AP) — The number of people seeking unemployment benefits fell slightly last week to the lowest point in four years, a further sign that the U.S. job market is improving.

A seasonally adjusted 351,000 people sought unemployment aid, down from 353,000 the previous week, the Labor Department said Thursday. That matches the four-year low reached three weeks ago.

The improving numbers show that steadily fewer people are being laid off and suggest that some companies are stepping up hiring.

The four-week average of applications, which smooths out weekly fluctuations in the data, also fell last week, to 354,000. That's also the lowest in four years.

Applications for unemployment aid have fallen steadily since the early fall and are now down nearly 15 percent since October. When applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.