RJ and Makay

Promising news on the jobs front: Applications for unemployment benefits dropped by 22,000 last week to a seasonally adjusted 391,000 — the lowest level in two-and-a-half years. It was the third decline in jobless benefit applications in four weeks and it surpassed economists' expectations.

Furthermore, the four-week average for unemployment benefit applications is down to 402,000, the lowest since July 2008 and a sign the job market is slowly improving. A four-week average below 425,000 is often taken as a sign of modest job creation.