By Jeffry Bartash
WASHINGTON (MarketWatch) - The number of people who applied for new U.S. unemployment benefits fell by 7,000 to 340,000 in the week ended March 3, suggesting further improvement in the U.S. labor market. It was the third lowest number of initial claims in five years, according to Labor Department data. Economists surveyed by MarketWatch had expected claims to rise to a seasonally adjusted 353,000 from a revised 347,000 in the prior week. The average of new claims over the past month, which smoothes out weekly volatility, fell by 7,000 to 348,750, touching its lowest level since March 2008. Also, Labor said continuing claims edged up by 3,000 to a seasonally adjusted 3.09 million in the week ended Feb. 23. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up by 3,000 from an original reading of 344,000, based on more complete data collected at the state level.
