Unemployment Claims Lowest Since Mid-2008

Washington, DC, March 24, 2011 -- Initial unemployment claims fell again last week, according to the Labor Department.

Initial claims for unemployment benefits fell 5,000 to a seasonally adjusted 382,000, just below economists' expectations for a fall to 383,000.

The four-week moving average of unemployment claims dropped 1,500 to 385,250, the lowest since mid-July 2008 and holding below the 400,000 level for a fourth straight week.

A reading below 400,000 is generally associated with steady job growth. Employers created 192,000 jobs in February, the most in nine months, after adding 63,000 new workers in January.