Initial unemployment claims dropped 5,000, or 1.4%, to 348,000 last week. Although this drop is yet another week of good employment news, it looks even better compared to the last few years. This week’s claims are down 11.7% over this week in 2011 and an incredible 24.3% lower than March of 2010.
The last time weekly claims were this low was the week of February 11-15, 2008. In other words, unemployment has spent another week at pre-recession levels.
–from the St. Louis Federal Reserve and the Bureau of Labor Statistics