The US Labor Department reported Thursday that number of new applications for unemployment benefits fell by 5,000 to a seasonally adjusted level of 330,000 last week. This is the lowest level in 5 years since January 2008.
The Labor Department noted that estimates were made on incomplete data from 3 states which did not manage to arrange the full information on time, including California and Virginia.
The average of new claims over the past month, meanwhile, fell by 8,250 to 351,750, the lowest level since March 2008. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. Labor Department said continuing claims decreased by 71,000 to a seasonally adjusted 3.16 million in the week ended on 12 January.