Applications for U.S. unemployment benefits dropped 26,000 to a seasonally adjusted 359,000 in the week ended Sept. 22, the Labor Department said Thursday
That's the lowest level since late July
Economists surveyed by MarketWatch expected claims to fall to 375,000
Initial claims from two weeks ago were revised up 385,000 from an original reading of 382,000, based on more complete data collected at the state level
The average of new claims over the past month, meanwhile, declined by 4,000 to 374,000
The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends
Also, Labor said continuing claims decreased by 4,000 to a seasonally adjusted 3.27 million in the week ended Sept. 15
Continuing claims reflect the number of people already receiving benefits
About 5.17 million people received some kind of state or federal benefit in the week ended Sept. 8, virtually unchanged from the prior week
Total claims are reported with a two-week lag
