The weekly U.S. initial jobless claims fell to a new low over the past four years, indicating improvement in the U.S. labor market.
U.S. Labor Department released a report on Thursday showing that as of the week ended March 24 the U.S. initial jobless claims declined 5000 to 359,000, falling to the lowest level since April 2008. Analysts polled by Bloomberg on average forecasted this figure would be 350,000. The report also provides the adjusted government data for 2007.
As confidence in economy is getting strong, coupled with increasing sales, companies began to hire more employees. The U.S. job market continues to improve over the past three months, helping to increase personal income and weaken the pressure brought in by high oil prices.