The number of people filing new applications for U.S. unemployment benefits fell last week, the government reported Thursday, indicating a strengthening labor market and growing job security. The Labor Department said initial jobless claims fell 3,000 to 294,000 last week. Claims have been below 300,000 for 12 of the past 13 weeks, a historically low level indicating that employers foresee continued economic growth. The four-week moving average of claims - considered a better measure of labor-market trends because it smoothes weekly volatility - rose by 250 to 299,250, holding below the 300,000 mark for the 13th consecutive week. Over the past 12 months, the four-week average has tumbled 10 percent. Jobless claims are a measure of layoffs, and when fewer people seek unemployment benefits, it means employers are retaining workers and increasing their hiring to accommodate more demand for their services and products. The economy gained 321,000 jobs in November, the highest monthly total in almost three years, the Labor Department reported last week. The unemployment rate held steady at 5.8 percent, down from 6.7 percent at the beginning of 2014.
