FEWER SEEK BENEFITS: The outlook for the U.S. job market brightened after a government report showed a sharp drop in the number of Americans applying for unemployment benefits. Weekly applications fell 27,000 to 341,000.

GOOD SIGN: Economists were encouraged by the decline but want to see the progress sustained and more jobs created. The huge snowstorm that affected the Northeastern states over the weekend could push up applications in the coming weeks.