Applications for US unemployment aid fall to 5-month low

WASHINGTON (AP) — The number of people seeking U.S. unemployment aid fell last week to the lowest level since October, evidence that employers are confident enough in the economy to hold onto their staffs.

When unemployment claims are this low, it also typically means businesses are hiring at a steady pace.

While hiring slipped a bit in January, overall job gains have remained solid since last fall, despite sharp swings in the financial markets that reflect worries about slowing overseas growth.

Consumers are also confident enough to purchase big-ticket items like homes and cars.