Jobless Claims at Four-Year Low

Washington, DC, March 22, 2012 -- New applications for unemployment benefits last week edged down and set a new four-year low, according to the Labor Department.

Initial claims fell by 5,000 to a seasonally adjusted 348,000, the lowest level since February 2008, the Labor Department said.

Claims from the prior week were revised up to 353,000 from an original reading of 351,000.

Economists had estimated claims would rise to 353,000 in the week ended March 17.

New applications for benefits fell below the 400,000 level in the first week of January and have remained there.

Continuing claims fell by 9,000 to a seasonally adjusted 3.35 million in the week ended March 10.