Jobless claims tumbled to their lowest level in more than five years, Bloomberg claims in a new article.

Applications for unemployment insurance decreased by 19,000 filings to 326,000 for the week ending July 27, the fewest on record since January 2008. That is also down from last week’s revised figure of 345,000 filings.

The slowdown in firings could potentially signal that employers are becoming more confident in the recovery and planning to grow payrolls, which would encourage household spending and the economy, the article suggested.

"The labor market is still improving," Aneta Markowska, chief U.S. economist for Societe Generale. "It underscores the resiliency of this economy and the underlying momentum in the private sector."