Last week, jobless claims fell another 5,000 to 382,000, the Department of Labor announced today.
The 4-week moving average was 385,250, the lowest level in nearly three years and a decrease of 1,500 from the previous week’s revised average of 386,750.
For the week ended March 5, the most recent week data were available, 8.7 million Americans, down from 8.9 million the week before, were receiving some form of unemployment assistance.
But the number of people claiming Emergency Unemployment Compensation, for those who had exhausted their regular state benefits, rose that week by 85,000.
“The labor market recovery is on track,” David Semmens, an economist, told Bloomberg. “The unemployment rate will see a slow-but-steady grind down.”