Jobless Claims Drop to Lowest Level Since 2007

The number of people filing for unemployment claims dropped to the lowest level in nearly 7 years last week, as the job market shows signs of rebounding after the recession.

Jobless claims last week fell to 300,000, down 32,000 from a week earlier and the lowest since May 12, 2007, before the onset of the recession, the Labor Department said Friday. The four-week average—a more stable indicator of labor market conditions—was down to 316,250, a drop from 321,00 the week before.

The drop in jobless claims, which surpassed estimates from all 52 economists surveyed by Bloomberg, indicates companies dismissed fewer people and suggests employers that are expecting growth are holding onto workers.

The Labor Department said last week that employers added 192,000 jobs in March, and the unemployment rate remained unchanged at 6.7%.