The number of Americans seeking unemployment benefits last week dropped to 276,000, which was a decline of 8,000. The decreased number of people seeking unemployment assistance means less folks are getting laid off, according to analysts.

The number of those seeking unemployment benefits has been below 300,000, which is a historic low, for 13 weeks. Just under 2.2 million Americans are receiving unemployment benefits, which is the lowest figure since November 2000.

Economists say the unemployment rate for May, which will be released Friday, will likely remain at 5.4 percent, which is a seven-year low.