Jobless claims in the U.S. dropped to a 14-year low, the U.S. Labor Department reported on Thursday.
Those seeking unemployment benefits fell by 23,000 claims to 264,000 in the week that ended Oct. 11, the lowest number since April 2000. A sustained drop in firings typically coincides with a pickup in hiring.
The less volatile four-week average of claims also fell, declining by over four thousand to 283,500, the lowest number since June 2000.
Despite volatile economic conditions, companies are keeping payrolls on track, the report said. Some companies are still reporting difficulties in filling hiring vacancies, the Labor Department report said.
Employers added 248,000 workers to payrolls in September, according to Labor Department data. The unemployment rate fell to 5.9 percent, the lowest since 2008.
The figures come as U.S. stock markets continue to sell off amid concerns of a global economic slowdown. The Dow plunged early Wednesday morning, dropping 460 points before strugglign back to close 173 points.