The number of people seeking initial unemployment benefits fell last week to the lowest level since October 2007, the government reported Thursday, indicating decreasing layoffs and steady job creation. The Labor Department said jobless claims fell 15,000 last week to 320,000. The four-week moving average, considered a better gauge of labor-market trends, fell 4,000 to 332,000, the fewest since November 2007 and the fifth consecutive weekly decline. Jobless claims, which reflect layoffs, have fallen 14 percent this year, indicating that companies are cutting fewer workers. But hiring is still relatively weak, resulting in only modest net job gains. Employers have added an average of 192,000 jobs per month this year, and the unemployment rate has fallen to 7.4 percent, the lowest level in more than four years.
