Bloomberg reported that fewer Americans than forecast filed applications for unemployment benefits last week. According to Labor Department data, jobless claims plunged by 50,000 to 352,000 in the week ended January 14, the lowest level since April 2008.

The median forecast of 41 economists in a Bloomberg News survey projected 384,000. A Labor Department spokesman said the decrease reflected the usual volatility seen during this time of year.

Bloomberg notes that companies are slowing the pace of firings and beginning to step up the pace of hiring even as a slump in Europe spurred by a default crisis may limit U.S. growth. The improvement may be a sign that companies are looking to expand their workforces as sales climb.

To read the full Bloomberg article: click here.