Claims for unemployment benefits in the U.S. dropped to a five year low last week, according to the Labor Department.

Unemployment benefits dropped by 5,000 last week to 330,000, which is the lowest it been since January 2008. The four-week average, which fell to 351,750, is also the lowest figure in five years. 

Although layoffs have falled, the Associated Press note that hiring has still been slow.