The U.S. Labor Department reported Thursday that first-time applications for unemployment benefits declined unexpectedly in the week ending March 14.
According to the report, initial jobless claims dropped to 205,000, down 8,000 from the previous week’s unrevised total of 213,000. Economists had anticipated a slight increase to around 215,000.
The less volatile four-week moving average also moved lower. It slipped to 210,750, a decline of 750 compared with the prior week’s revised average of 211,500.