First-time claims for state unemployment benefits fell by 11,000 to 302,000 in the week ending March 18, the Labor Department said Thursday. It's down from a revised 313,000 and is the lowest since Feb. 24. The four-week moving average of new claims rose by 6,000 to 303,500, the department said. The number of people continuing to collect unemployment benefits, meanwhile, rose by 38,000 to 2.472 million, the lowest since Feb. 25. Economists surveyed by MarketWatch were expecting jobless claims to fall to about 305,000. The insured unemployment rate held at 1.9%. The number represents the percentage of all covered workers who are receiving benefits. The four-week average of continuing claims hit a new low of 2.469 million. It's the lowest since Feb. 10, 2001 Continuing claims are one indicator watched by Federal Reserve officials trying to gauge the strength of the labor market. The new low in continuing claims is a sign the labor market is still strengthening. The Fed is concerned that tight labor markets will turn into higher wages and therefore into higher prices for goods and services. Economists expect the Federal Reserve to boost overnight interest rates by a quarter percentage point to 4.75% at its March 28 meeting, and again at the May 10 meeting