Hiring, Government Report | featured news

Fewer Americans applied for unemployment benefits last week, and a private survey showed businesses stepped up hiring in August. The data sketched a brighter outlook for the job market one day before the government reports on August employment.

New claims for unemployment insurance dropped to their lowest level in seven months, government data showed on Thursday, raising hopes that hiring may be picking up. The Labor Department said seasonally adjusted initial claims dropped 5,000 to 388,000, versus the previous week's revised 393,000 figure. The 4-week moving average, widely considered a more accurate measure of labor market trends, was 396,750, a drop of 4,000 from the previous week's revised average of 400,750.