U.S. jobless claims fall 26,000 to 350,000

WASHINGTON (MarketWatch)
U.S. jobless claims fell by 26,000 last week to 350,000, but onetime factors such as fewer auto-sector layoffs than normal likely caused the sharp decline, the Labor Department said Thursday
The level of claims is the lowest in four years, although they could move higher in the next few weeks as onetime seasonal factors unwind
The four-week average of claims, meanwhile, decreased by a smaller 9,750 to 376,500
The monthly average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends
Continuing claims fell by 14,000 to a seasonally adjusted 3.3 million in the week ended June 30. About 5.87 million people received some kind of state or federal benefit in the week ended June 23, up 17,011 from the prior week