The job market just posted another piece of good news: the number of Americans applying for new jobless benefits fell to the lowest level--to a seasonally adjusted 259,000-- since October, according to the Labor Department. Wall Street Journal staffer Eric Morath dives into the data and explains what the number means for the U.S. economy. Mortah writes,

“U.S. employers added 242,000 jobs in February and the unemployment rate held below 5% for the second straight month, the Labor Department said last week. A broader measure of unemployment, including Americans stuck in part-time jobs or too discouraged to look for work, fell to the lowest level since May 2008 last month.

The data suggests slack in the labor market is diminishing, giving employers in most industries less incentive to lay off workers even though the global economy remains sluggish.”

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