Jobless Claims Fall By 16,000

New claims for unemployment benefits fell 16,000 last week to 385,000, while the four-week moving average sank to 386,250, a decrease of 7,000 from the previous week’s revised average of 393,250.

Stocks rose on the news, with the Dow Jones up 1.1 percent and the Nasdaq up 1.4 percent, the LAT said.

Hitting 385,000 isn’t the lowest claims have gotten in recent weeks (in late February claims reached 371,000) but the number of claims filed does appear to be on a strong downward trend; the moving average reached its lowest point since July 2008.