Jobless Applications Lowest Since May 2008

Washington, DC, March 3, 2011 — Initial jobless applications last week plunged to a nearly three-year low, which may signal a future increase in hiring, according to the Labor Department.

Applications for unemployment benefits fell by 20,000 to a seasonally adjusted 368,000, the Labor Department reported Thursday. It was the third decline in the last four weeks.

Applications are now at their lowest level since May 2008.

The four-week average for applications fell to 388,500, the lowest level since July 2008.

Applications that remain consistently below 375,000 tend to signal declines in the unemployment rate.