According to the latest data released, the total jobless claims in the US has fallen to its lowest level in five years indicating that the jobs markets might be stabilizing in the world's biggest economy.

The data showed that the average of new claims during the previous one month fell by 7,500 to 339,750, which is its lowest level since the February of 2008.  The total jobless claims increased 2,000 to a seasonally adjusted 336,000 in the week till 16 March, 2013, according to the Labour Department.  It was also noted that that the total number of jobless claims were recorded below the level of 350,000 in the five of the previous six weeks and this is the first time it happened since February 2007.

Experts said that the fast decline in layoffs recorded in the previous one year has helped push the number of jobless claims in the country.  They also noted that the hiring has not grown as fast as the fall in layoff in the country. The data showed that the country added a total of 200,000 jobs a month during the previous four months but the unemployment has remained at 8 per cent.