Jobless claims hit five-year low

Jobless claims hit five-year low

Wall Street Journal: A measure of U.S. jobless claims fell to a five-year low.

The four-week moving average of jobless claims, which smooths out weekly volatility in new unemployment claims, sank to 346,750, the lowest level since March 2008, the Labor Department said Thursday. Meanwhile, the weekly number of U.S. workers filing new applications for benefits fell more than economists forecast, declining by 10,000 to a seasonally adjusted 332,000 for the week ended March 9.

"I am now convinced that the labor market has actually improved on an underlying basis—a conclusion further bolstered by the healthy payroll advance registered in February," said economist Stephen Stanley with Pierpont Securities.

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