Unemployment Claims at Four Year Low

The number of Americans claiming new unemployment benefits dropped to a four-year low last week, offering further evidence the jobs market recovery was gaining traction.

Initial claims for state unemployment benefits fell 5,000 to a seasonally adjusted 348,000, the lowest level since February 2008, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims rising to 354,000 last week.

A separate report showed a gauge of future U.S. economic activity rose solidly in February, pointing to strengthening growth even as China slows. Some euro zone economies are already in recession. More at Reuters