Jobless claims fall to 14-year low

First-time claims for unemployment benefits hit a 14-year low last week, another sign of the stabilizing labor market. 

{mosads}Weekly applications for jobless aid dropped 23,000 to a seasonally adjusted level of 264,000, the lowest level since April 2000, the Labor Department said Thursday. 

The four-week moving average, which is a better measure of the labor market’s health, decreased 4,250 to 283,500, the best showing since June 2000.

The reduction in applications reflect that businesses are laying off fewer workers. 

Employers added 248,000 jobs in September as the economy showed signs of improvement heading into the midterm elections, where control of the Senate is up for grabs and appears to be leaning toward Republicans. 

A Federal Reserve report on Wednesday showed that businesses are optimistic about economic growth even as the stock market roils, hitting negative territory for the year this week amid international concerns.