Unemployment Applications at Five-Year Low

Washington, DC, Jan. 24, 2013 -- Initial applications for unemployment benefits  fell by 5,000 to a seasonally adjusted 330,000 in the week ended Jan. 19, according to the Labor Department.

That's the lowest level since January 2008.

Economists expected claims to rise to 360,000 last week.

The average of new claims over the past month fell by 8,250 to 351,750, the lowest level since March 2008.