Unemployment in the U.S. reached the lowest Level 7 Years

The number of Americans who fills unemployment claims reached its lowest level in 7 years last week as the labor market continues to improve.

The number of unemployed fell as much as 24,000 into 297,000 last week, the lowest level since May 2007, and was under some economists estimated 320,000, according to data from the Labor Department today in Washington. Layoffs has slowed, indicating continued growth at the start of labor and wages. While payrolls rebounded in April after the holiday and bad weather at the beginning of the year, many companies still appear to be cautious until they see a long-lasting increase in the level of consumer spending, which covers about 70% of the economy.

"The way that the labor market continues to improve is the number of people filing unemployment claims continue to fall," said Brian Jones, a senior U.S. economist at Societe Generale in New York. "The labor market is currently fine."