The number of initial unemployment claims fell this past week to a seasonally adjusted 300,000. This is 27,000 fewer than were filed last week and below the economists? estimates of 319,000. Although weekly claims have been fluctuating over the past few months, the four-week moving average also declined by 17,000 this past week to 311,500, the lowest level since August, 2007. Additionally, weekly initial claims have been below 350,000 since March which many economists take as a sign of a strengthening labor market.
See "U.S. Jobless Claims Drop as Labor Market Continues to Improve", Sarah Portlock, The Wall Street Journal, May 28, 2014