Weekly jobless benefit claims down sharply

Fewer people applied for unemployment aid last week, the third drop in four weeks and evidence that the job market is showing signs of life. If the decline continues, it could signal more hiring in the near future. The report comes after the Labor Department said last week that private employers added the most jobs in six months in October. The Labor Department said Wednesday that initial claims for jobless aid dropped by 24,000 to a seasonally adjusted 435,000. Many Wall Street economists expected a smaller decrease.