WASHINGTON - Initial claims dropped 16,000 to 385,000 for the week ending March 12, as the four-week moving average for initial claims dropped to the lowest level in more than two years, the Labor Department reported Thursday.
Continuing claims dropped for the fourth straight week to 3.706 million for the week ending March 5, the lowest level since September 2008.
Initial claims dipped to 385,000 following an upwardly revised 401,000 for the week ending March 5. The four-week moving average for initial claims, a less volatile figure, fell to 386,250, the lowest level since September 2008.
Economists polled by Thomson Reuters expected 387,000 initial claims and 3.750 million continuing claims, according to the median estimate from Thomson Reuters.
Continuing claims for the week ending Feb. 26 were revised to 3.837 million.
Initial claims data from Hawaii were estimated this week, a Labor official said. Thirteen states reported an increase of 1,000 initial claims or more for the week ending March 5. Three states had a decrease of 1,000 or more claims.
