(NBC) - The unemployment level fell last week to nearly the lowest level in seven years.
According to the Labor Department, applications for unemployment benefits declined to 2.63 million, the lowest its been since November 2007.
Economists say the lower unemployment rate is a good indication that companies are cutting fewer jobs and hiring more people.
This year, employers have added an average of 214,000 jobs a month.
The decline in the unemployment rate is a good omen as we await the Labor Department's May job report to be released next Friday.