Jobless claims nearing 5-year low

The number of Americans filing new claims for jobless benefits fell last week, nearing the lowest level in five years in a sign of resilience for the U.S.\ labor market.

Initial claims for state unemployment benefits declined 12,000 to a seasonally adjusted 334,000, the Labor Department said on Thursday.

That was the smallest number of first-time applications since early May and near levels last seen in the early days of the 2007-09 recession.

At the same time, firms have been shy to step up the pace of hiring and the country’s unemployment rate is expected to end this year above 7%, beating the expectations of polled economists.