The number of newly laid-off workers filing claims for unemployment benefits fell to the lowest level in more than five years last week. The decline was far better than Wall Street had been expecting and bolstered the belief that the labor market is on the mend; however, economists noted that last week's improvement is probably exaggerating the labor market rebound because it is hard to get a clear reading of layoffs in the week between Christmas and New Year's.
See "Jobless Claims Plunge to Five-Year Low", Associated Press, The New York Times, January 4, 2006