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Initial claims for unemployment benefits fell by 6,000 last week to 312,000. This number was close to the 313,000 anticipated by economists surveyed by Bloomberg, and marks the lowest level in nearly seven years. The four-week moving average declined from 315,500 to 311,750. Continuing unemployment claims also dropped by 54,000 to a seasonally adjusted 2.56 million, the lowest level in almost seven years. In addition to unemployment claims dropping, payrolls seem to be picking up and according to Bloomberg, if they continue along their current trajectory payroll growth will be on par with 1999.