Jobless claims drop to a 15-year low

David Carrig | USA TODAY

Initial claims for unemployment benefits fell last week, dropping to the lowest level since April 2000, the Labor Department said Thursday.

In the holiday-shortened week, first-time claims were down 43,000 to a seasonally adjusted 265,000. The previous week's level was revised up 1,000 to 308,000.

The four-week moving average was 298,500, an decrease of 8,250 from the previous week.

Claims for unemployment benefits are a barometer of layoffs and the declining trend in claims is another indicator of an improving labor market.

The unemployment rate last month fell from 5.8% to a 5.6% as employers added 252,000 jobs.