The number of people filing new claims for U.S. unemployment benefits fell sharply last week to the lowest level in nearly seven years, the government said in a report Thursday that supports views of an acceleration in job growth after a cold winter limited hiring. The Labor Department said initial jobless claims fell 32,000 to 300,000 last week, the lowest level since May 2007. The four-week moving average of claims—considered a better measure of labor-market trends because it smoothes weekly volatility—fell 4,750 to 316,250. The total number of people still receiving U.S. unemployment benefits fell 62,000 to 2.78 million last week, the lowest level since January 2008. Layoffs are trending lower, and hiring is regaining some momentum after being limited by unusually cold weather, snow, and ice storms in January and December. Job creation averaged about 195,000 per month in March and February, with the unemployment rate holding at near a five-year low of 6.7 percent during the period.
