Applications for unemployment benefits fell more than forecast last week, easing concerns that the labor market was rapidly deteriorating as the economy slows, Bloomberg reported. Initial jobless claims dropped by 31,000, the first decline in a month, to 473,000 in the week ended Aug. 21, according to U.S. Department of Labor Department figures released today in Washington. The number of people receiving unemployment benefits decreased, while those getting extended benefits climbed. The weekly average of initial claims over the past month climbed to the highest level since November even as the latest reading provided some relief to the drumbeat of negative economic data in recent weeks. Employers have delayed hiring plans and some have renewed firings as the year-old recovery shows signs of petering out, raising the risk consumer spending will weaken further.