The number of US citizens filing new claims for jobless benefits unexpectedly fell 4,000 last week to its lowest in six weeks, government data showed today.
Initial filings for state unemployment insurance aid fell for the third straight week, dropping to 316,000 in the week ended March 17th from an upwardly revised 320,000 for the previous week, the Labor Department said.
Jobless claims are at a level economists see as consistent with stable employment. Analysts on Wall Street had expected claims, which provide a rough guide to the pace of layoffs, to rise to 324,000 from the 318,000 initially reported for the March 10th week.
A four-week moving average of claims, which smooths weekly volatility to provide a better sense of underlying job-market trends, also fell for the second straight week, dropping to 326,000 from 329,750 in the prior week.
The total number of unemployed still on the benefit rolls after drawing an initial week of aid fell 69,000 to 2.50 million in the week ended March 10th, the latest period for which figures are available.