WASHINGTON (AFX) - Initial claims for regular state unemployment benefits fell 12,000 to a seasonally adjusted 371,000 for the week ended March 16 from the previous week, the Labor Department said. This is the lowest level of claims since the week ended Feb 16. The decline was larger than expected. Wall Street economists had forecast jobless claims would fall 3,000 to 374,000. The four-week moving average for initial claims rose 2,500 to 379,000. This is the highest four-week moving average since the week ended Feb 2. On an unadjusted basis, claims fell 38,940 to 347,099 for the week ended March 16. There were 353,649 claims in the comparable week last year. Jobless claims for the week ended March 9 were revised to a 2,000 rise to 383,000 compared with the initial estimate of a 3,000 fall to 377,000. The insured unemployment rate was 2.7 pct for the week ended March 9, unchanged from the previous week. Continuing claims rose 11,000 to 3.47 mln in the week ended March 9. Continuing claims are for workers who have already filed an initial claim and are continuing to draw unemployment benefits.