New Jobless Applications Near Four Year Low

Washington, DC, March 29, 2012 -- New applications for unemployment benefits last week fell by 5,000 to 359,000 under the Labor Department's newly revised formula.

The number of new claims two weeks ago was originally reported at 348,000. The revisions now put last week’s level of claims at 364,000, a 4.6% increase. That’s still the lowest level since the middle of the last recession in April 2008, however.

The average of new claims over the past four weeks, meanwhile, dropped by 3,500 to 365,000. That’s the lowest level since May 2008.

Claims normally range from 300,000 to 400,000 when the economy is growing.