Jobless claims fall to 4-month low of 311,000

Jobless claims fall to 4-month low of 311,000

 The number of people who applied for U.S. unemployment benefits fell by 10,000 to 311,000 last week to mark the lowest level in four months, the Labor Department said Thursday. Economists surveyed by MarketWatch expected claims to total 320,000 on a seasonally adjusted basis in the week ended March 22. The average of new claims over the past month declined by 9,500 to 317,750. That was the lowest level since last September, when claims fell sharply because of a major errors related to a computer upgrade in California's system for processing claims. The four-week average is the lowest since 2007 if the reports distorted by California's computer problems are excluded. The monthly figure smooths out the jumpiness in the weekly report and offers a better look at the underlying trend. Also, the government said continuing claims decreased by 53,000 to a seasonally adjusted 2.82 million in the week ended March 15. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up to 321,000 from 320,000.