With the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits fell by more than expected in the week ended March 1st.
The report said initial jobless claims dipped to 221,000, a decrease of 21,000 from the previous week's unrevised level of 242,000. Economists had expected jobless claims to edge down to 235,000.
Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 224,250, an increase of 250 from the previous week's unrevised average of 224,000.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also increased by 42,000 to 1.897 million in the week ended February 22nd.
The four-week moving average of continuing claims also rose to 1,866,000, an increase of 2,750 from the previous week's revised average of 1,863,250.