WASHINGTON — Initial jobless claims dropped 20,000 to 368,000 for the week ending Feb. 26, the lowest level since May 2008, while the four-week moving average fell below 400,000 for the first time since July 2008, the Labor Department said Thursday.

Continuing claims fell to 3.774 million for the week ending Feb. 19, the lowest level since October 2008.

Economists had expected 395,000 initial claims and 3.800 million continuing claims.

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