Jobless Claims Fall to Lowest Level Since Mar. 2008

In another positive sign that the U.S. labor market is gradually improving, the Labor Department reported today that the four-week moving average for initial jobless claims fell to 359,00 for the week ending February 18, which is the lowest level since the week of March 22, 2008, almost four years ago (see chart above). This marks the sixth consecutive weekly decline in the four-week moving average, and the eleventh decline in the last twelve weeks. The number of seasonally-adjusted initial claims (not the four-week average) remained at 351,000, the same as the previous week, and the lowest level since early March 2008.