US jobless claims fall to 4-month low

New claims for US unemployment insurance benefits fell to a four-month low last week, suggesting continuing tightening in the labor market, Labor Department data showed Thursday.

Initial jobless claims, a sign of the pace of layoffs, fell by 7,000 to 262,000 in the week ending February 13. It was the lowest weekly claims level since October 24.

The four-week moving average, which helps to smooth week-over-week volatility, fell by 8,000 to 273,250 new claims. It was 284,500 a year ago.

Applications for jobless benefits have trended below 300,000 since September 2014 as the jobs market improves.