The number of people filing initial applications for U.S. unemployment benefits fell last week, the government reported Thursday, suggesting the labor market continued to improve. The Labor Department said jobless claims fell last week by 6,000 to 289,000, the lowest level since late October. The four-week moving average of claims—considered a better measure of labor-market trends because it smoothes weekly volatility—fell 750 to 298,750. Jobless claims are a measure of layoffs. The average has declined almost 13 percent in the past year, reflecting the improving job market. Companies are cutting fewer positions as the economy expands, and hiring has accelerated. In the first 11 months of this year, employers have added 2.65 million jobs, making 2014 the best year for hiring since 1999. Job creation has exceeded 200,000 for 10 consecutive months, the longest such stretch since 1994. Only 2.37 million people are receiving state unemployment benefits, down from more than 4 million a year ago.
