New filings for unemployment benefits skidded last week by a healthy 24,000, settling at a seasonally adjusted 334,000 through July 13. That leaves new claims near the lowest level in more than five years. The year-over-year decline continues to look encouraging as well, with last week’s unadjusted claims data (before seasonal adjustment) dropping more than 10% vs. the year-earlier level. The main takeaway: the labor market continues to heal and this leading indicator suggests that modest economic growth is still on track for the near term.