According to the latest data released, the total number of Americans seeking unemployment benefits in the country fell to its lowest in five years this week.

The latest figures released by the Labor Department showed that the employers in eth US are cutting lesser jobs and increasing hiring. The data showed that the total number of weekly unemployment benefit applications fell 5,000 to 330,000, seasonally adjusted, which is its lowest level since January 2008.

According to the Labor Department, the four-week average of jobless claims fell to 351,750, which is its lowest level in about five years. Experts say that the fall might also be due to the fact that the government finds it difficult to account for layoffs after the holiday shopping season on a seasonally adjusted basis.

If the fall in applications continues in the coming weeks, it would suggest a recovery in the jobs market in the world's largest economy. The number of applications moved between 360,000 and 390,000 during the almost one year while employers added an average of 153,000 jobs a month during the period. The unemployment rate has fallen 0.7 percentage points to 7.8 percent in December.