"The number of new people signing up for jobless benefits dropped last week to the lowest level in more than three years, a potentially encouraging sign for a labor market experiencing a bumpy recovery.

The Labor Department reported Thursday that new applications for unemployment insurance plunged by a seasonally adjusted 39,000 to 310,000 for the week ending July 3. That marked the best showing since Oct. 8, 2000. The latest snapshot of the layoffs climate was better than economists were expecting. They were forecasting claims to decline to around 345,000."