'good' economic news

WASHINGTON (AP) - The number of Americans seeking unemployment benefits dropped 15,000 last week to a seasonally adjusted 320,000, the fewest since October 2007 - a sign of dwindling layoffs and steady if modest job growth.
The Labor Department said Thursday that the less volatile four-week average fell 4,000 to 332,000, the fewest since November 2007 and the fifth straight decline.
Applications, which reflect layoffs, have fallen 14 percent this year. That's a sign that companies are cutting fewer workers. But hiring is still sluggish, resulting in only modest net job gains.

Is it good news that so many are reduced to flipping burgers or stocking Walmart shelves or, more likely, both?