U.S. jobless claims dip

The number of people seeking U.S. unemployment benefits dropped to the lowest level in almost seven years, falling 32,000 last week to a seasonally adjusted 300,000.

The Labor Department says that the four-week average of applications, a less volatile measure, fell 4,750 to 316,250.

Fewer Americans sought benefits last week than at any point since the Great Recession began at the end of 2007. Applications are at their lowest level since May of that year.

Applications are a proxy for layoffs. The decrease suggests that employers expect stronger economic growth in the coming months and are holding onto their workers.

Employers added 192,000 jobs in March and 197,000 in February, the Labor Department said last week. Hiring has picked up after a slowdown caused by harsh winter weather.